IMMOEAST Annual Report 2006/07

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Business Model and Strategy DISTRIBUTION OF RISK THROUGH REGIONAL AND SECTOR DIVERSIFICATION ��
Broad-based diversification of the property portfolio Diversification The property markets in Central, Eastern and South-eastern Europe can in no way be classified as homogenous. Despite the many common factors – ranging from geographical proximity to a Communist past – there is a strong inherent differentiation. This applies to the various country markets as well as the individual property sectors. However, the correlation has weakened in recent years and the differences in the development of the many submarkets have become greater. A broadly diversified property portfolio is therefore connected with significantly greater security and stability for earnings and an increase in value than a portfolio that focuses only on selected countries or sectors such as offices, retail objects or residential properties. IMMOEAST has pursued a strategy of diversification since its founding, and has steadily increased this diversification over the years. That gives the company a very special position among the many listed property corporations that invest exclusively or predominately in Central, Eastern and Southeastern Europe. The geographic and sector diversification process was largely concluded during the 2006/07 financial year. Following the completion of its first direct investments in Russia, Ukraine, Serbia, Croatia and Slovenia, IMMOEAST is now represented in 13 countries and all major submarkets of the region. The company’s entry into the residential market with 10 projects, which cover 3,400 apartments in five countries, completed this sector diversification – and established IMMOEAST in the office, retail, logistics and residential sectors. Flexible concentration of business activities Report by the Executive Board 21 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary Greater earnings stability and increase in in value with broad sector diversification Special Special position position in in Central, Central, Eastern and South-eastern South-eastern Europe Diversification with start in in five five additional additional countries and entry entry into residential sector The broad diversification of the property portfolio is an essential requirement for the implementation of another basic principle of the IMMOEAST investment strategy: the company does not follow a pre-defined, strict asset allocation policy in its acquisitions, but continually adjusts the focal points of its investment activities to reflect market trends. That allows IMMOEAST to make optimal use of new opportunities that are created by developments on the various submarkets. For example, in 2006/07 the share of investments in the Central European countries that joined the EU during 2004 was substantially reduced in favour of projects in South-eastern Europe, above all the new EU member states of Romania and Bulgaria. In addition, the shift of investments from offices to retail objects will allow IMMOEAST to increase its presence in a property sector that is particularly attractive at the present time. Competitors that do not have a broadly diversified portfolio are generally unable to utilise these opportunities for practical reasons: the lead time for entering a market segment is normally too long to react quickly when new developments are identified. Only an investor with the necessary detailed market know-how and established contacts in a submarket can increase the investment volume in a particular segment fast enough to benefit from a changing situation. Close cooperation with the broker group CPB Immobilientreuhand (a subsidiary of Constantia Privatbank) also makes it possible for IMMOEAST to efficiently adjust its investment strategy to meet changing market conditions. Numerous consultations over property rentals make it possible to identify customer needs at an early point in time and subsequently include these requirements into the planning for new IMMOEAST projects.
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Page 5 and 6: OF RT OF RS LG OF RT RS OF RT RS OF
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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: Advance to number 2 in Continental
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
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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
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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
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Segment SEE SEE SEE SEE SEE Locatio
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Segment SEE SEE SEE SEE SEE Locatio
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2.3.5 Structural changes/change in
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The following exchange rates, which
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Subsequent expenditures on an intan
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3.4 Investment property Additional
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Financing costs are capitalised in
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lessee’s interest in both land an
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3.10.7 Limited partnership interest
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The provision is based on the best
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4. Notes to the Balance Sheet 4.1 P
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The carrying values of properties u
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The results of the calculation are
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The first category includes land th
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All amounts in TEUR Goodwill Carryi
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4.3.2a.8 Centre Invest Goodwill 4,0
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4.3.2b.5 BB Centrum Building C Good
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4.3.4 Differences arising from the
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Investments in other companies incl
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The other investments recognised at
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Thereof not impaired and due within
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4.10 Financial liabilities Addition
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Report by the Executive Board Highl
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4.11 Trade accounts payable Thereof
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The corporate income tax rate in Bu
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The impairment charges to the follo
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5.6 Other operating expenses All am
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All amounts in TEUR 2006/07 2005/06
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7. Segment Reporting IFRS 8 Operati
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IMMOEAST is a property company that
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Segment liabilities consist of fina
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upward potential for the valuation
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The market value represents the amo
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8.4 Transactions with related parti
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8.4.8 Remuneration of corporate bod
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Group companies of IMMOEAST AG Nomi
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Nominal Initial Company Country Hea
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Opinion Our audit did not give rise
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Analysis of Results As of 9 October
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Analysis of Results As of 13 July 2
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Analysis of Results liabilities and
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Analysis of Results The following t
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Analysis of Results Romania reporte
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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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