IMMOEAST Annual Report 2006/07

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216 IMMOEAST Annual Report 2006/07 IAS1.34(a) IFRS 3.56 (b) The following properties were recognised in accordance with IAS 40 and are classified as redevelopment objects. They include revaluation gains that were determined on the basis of the residual value method: Object Country Segment Revaluation Perlova 5 (Perl Invest) CZ CEE 4,944.9 Na Prikope (NP Investment) CZ CEE 21,981.6 Jungmannova (Jungmannova Estates) CZ CEE 3,347.4 Jindirska (J.H.Prague) CZ CEE 4,786.7 Panska (PAN Development) CZ CEE 5,349.8 Total revaluation 40,410.5 The valuation procedure follows the principles described under point 3.4. 5.3 Other operating income All amounts in TEUR 2006/07 2005/06 Income from the disposal of properties 14,053.1 0.0 Reversal of negative goodwill 5,015.2 43,951.0 Reversal of provisions 1,054.9 589.3 Insurance compensation 36.5 3.8 Currency translation adjustments 15,411.4 1,199.6 Miscellaneous 10,153.5 5,590.8 Total 45,724.6 51,334.4 In accordance with IAS 1.34 (a), income from the sale of properties is presented net of the book value of the disposal. The amount shown above represents the sale of the Europe Tower in Budapest. Miscellaneous other operating income includes subsequent reductions in the purchase price of properties. Of this total, TEUR 2,678.5 are related to acquisitions in Hungary and TEUR 3,142.4 to acquisitions in Slovakia. A further TEUR 892.8 represent expenses charged to other parties. 5.4 Depreciation and amortisation Information on depreciation and amortisation is included in the notes on property under construction (4.1.2), tangible assets (4.2), intangible assets (4.3.1) and goodwill (4.3.2). 5.5 Expenses related to properties All amounts in TEUR 2006/07 2005/06 Operating costs charged on 41,031.0 17,999.0 Bad debt allowances 2,451.0 1,602.4 Vacancies 1,705.5 819.2 Commissions 1,339.6 330.8 Maintenance 747.1 12.3 Other current expenses 1,576.7 6.1 Other directly allocated expenses 5,421.8 2,258.1 Total 54,272.7 23,027.9 Other directly allocated expenses are comprised entirely of costs associated with property ownership.
5.6 Other operating expenses All amounts in TEUR 2006/07 2005/06 Administration 50,366.4 17,427.5 Legal, auditing and consulting fees 8,312.4 6,028.8 Taxes and duties 4,666.7 1,915.1 Commissions 3,408.5 2,998.5 Penalties 4,134.8 1,669.1 Advertising 1,914.1 1,544.3 Rental and leasing expenses 215.3 230.9 Remuneration for Supervisory Board 97.5 195.0 Expert opinions 2,254.9 446.1 Translations 32.3 16.8 Miscellaneous 15,811.5 4,372.1 Total 91,214.4 36,844.1 Miscellaneous other operating expenses include TEUR 269.4 of expenses charged on and TEUR 9,748.3 of currency translation adjustments that were allocated to the operating area. Point 4.3.4 provides information on differences, which arose during the consolidation of liabilities and are related to puttable instruments. Information on closely related parties and persons (management fees) is provided under point 8.4.1.1. 5.7 Personnel expenses The average workforce employed by companies included in the consolidated financial statements developed as follows: 2006/07 2005/06 Wage employees 0 0 Salaried employees 16 4 Total 16 4 Five persons were employed by Mester Park Kft. and four persons by ELCO Sp.z.o.o., an energy supply company that is owned by Nowe Centrum Sp.z o.o; three persons were employed by Alacor project companies which, in turn, are owned by Roches Ventures Ltd., a Cypriote holding company. Three employees work for each of the following: the Russian OOO Torgoviy Dom Na Khodinke; Krona Design LLC; and Wakelin Promotions Ltd. One employee works for the Romanian IRIDE S.A. All amounts in TEUR 2006/07 2005/06 Wages 37.5 2.8 Salaries 205.4 18.1 Expenses for pensions 19.6 3.1 Other personnel expenses 67.3 0.4 Total 329.8 24.4 Notes 5.8Costofgoodssold The cost of goods sold totalled TEUR 818.2 (2005/06: TEUR 301.2) and is related to inventories (see point 4.8). Report by the Executive Board 217 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
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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 and 216: The corporate income tax rate in Bu
Page 217: The impairment charges to the follo
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
Page 267 and 268: Financial Calendar 13 September 200
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IMMOEAST Annual Report 2006/07

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