IMMOEAST Annual Report 2006/07
IMMOEAST Annual Report 2006/07
IMMOEAST Annual Report 2006/07
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The market value represents the amount that the relevant company would receive or be required to pay if the transaction<br />
were terminated as of the balance sheet date. The market values do not reflect the proportionate consolidation<br />
of the company in the consolidated financial statements.<br />
8.1.2.2.2 Interest rate risk<br />
As an international company, <strong>IMMOEAST</strong> is exposed to the risk of interest rate fluctuations on various property submarkets.<br />
Changes in interest rates can influence the earnings recorded by the Group through higher interest costs for<br />
existing variable rate financing, and can also have a reflex effect on the valuation of properties.<br />
Changes in interest rates have a direct influence on the financial results recorded by the Group in that they increase<br />
the cost of variable rate financing. <strong>IMMOEAST</strong> manages the risk associated with rising interest rates, which would<br />
lead to an increase in interest expense and a decline in financial results, through the use of derivative financial<br />
instruments. The derivative financial instruments used by <strong>IMMOEAST</strong> to hedge interest rate risk are recorded as<br />
independent transactions and not as hedge transactions. Hedge accounting as defined in IAS 39.85 – IAS 39.102 is<br />
not applied because the requirements stated in these regulations are not met.<br />
Derivative financial instruments are stated at market value. Derivatives with a positive market value are included<br />
under the balance sheet position “other financial instruments”, while derivatives with a negative market value are<br />
shown under “other liabilities“.<br />
Any changes in this market value are recognised as income or expenses under financial results. In addition, the Group<br />
has concluded financing contracts that carry fixed interest rates.<br />
The following table shows the market values and conditions of all derivative financial instruments that were purchased<br />
to hedge interest rate risk.<br />
The reference value forms the basis value for derivatives outstanding as of the balance sheet date.<br />
The market value represents the amount that the relevant company would receive or be required to pay if the transaction<br />
were terminated as of the balance sheet date. The market values do not reflect the proportionate consolidation<br />
of the company in the consolidated financial statements.<br />
<strong>Report</strong> by the Executive Board 229<br />
Highlights <strong>2006</strong>/<strong>07</strong><br />
Business Model and Strategy<br />
Portfolio Structure<br />
Corporate Governance and Outlook<br />
Property Portfolio<br />
Development of Business<br />
Consolidated Financial Statements<br />
Service and Glossary<br />
Reference Market<br />
Fixed interest Reference value as of value as of<br />
rate/ex- interest 30.4.20<strong>07</strong> 30.4.20<strong>07</strong><br />
Company Derivative Currency Beginning End Financial institution change rate rate Hedge Currency in 1,000 in 1,000<br />
Atom Centrum a.s.<br />
Centrum Olympia<br />
CAP EUR 31.3.<strong>2006</strong> 31.3.2011 HVB Bank Czech Republic a.s. 4.00% 3M-EURIBOR Interest rate EUR 14,418.8 184.1<br />
Olomouc a.s. CAP EUR 31.8.2005 30.9.2010 HVB Bank Czech Republic a.s. 3.00% 3M-EURIBOR Interest rate EUR 36,115.2 1,390.3<br />
PERL INVEST a.s. CAP EUR 31.1.<strong>2006</strong> 27.9.20<strong>07</strong> Bank Austria Creditanstalt AG 3.50% 3M-EURIBOR Interest rate EUR 4,920.1 6.3<br />
Prokopova Development a.s. CAP EUR 31.1.<strong>2006</strong> 27.9.20<strong>07</strong> Bank Austria Creditanstalt AG 3.50% 3M-EURIBOR Interest rate EUR 787.2 1.0<br />
E.N.G. Property a.s. CAP EUR 31.1.<strong>2006</strong> 27.9.20<strong>07</strong> Bank Austria Creditanstalt AG 3.50% 3M-EURIBOR Interest rate EUR 4,100.1 5.2<br />
JUNGMANNOVA ESTATES a.s. CAP EUR 31.1.<strong>2006</strong> 27.9.20<strong>07</strong> Bank Austria Creditanstalt AG 3.50% 3M-EURIBOR Interest rate EUR 10,660.2 13.6<br />
NP Investments a.s. CAP EUR 31.1.<strong>2006</strong> 27.9.20<strong>07</strong> Bank Austria Creditanstalt AG 3.50% 3M-EURIBOR Interest rate EUR 25,355.0 32.4<br />
J.H.Prague a.s. CAP EUR 31.1.<strong>2006</strong> 27.9.20<strong>07</strong> Bank Austria Creditanstalt AG 3.50% 3M-EURIBOR Interest rate EUR 9,512.2 12.2<br />
PAN Development a.s. CAP EUR 31.1.<strong>2006</strong> 27.9.20<strong>07</strong> Bank Austria Creditanstalt AG 3.50% 3M-EURIBOR Interest rate EUR 2,904.1 6.7<br />
IRIDE S.A. CAP EUR 7.8.<strong>2006</strong> 28.7.2011 Raiffeisen Zentralbank Österreich AG 5.00% 3M-EURIBOR Interest rate EUR 46,069.9 72.0<br />
Globe 13 Kft. CAP EUR 31.10.<strong>2006</strong> 31.10.2011 Bank Austria Creditanstalt AG 5.00% 3M-EURIBOR Interest rate EUR 17,450.0 -75.6<br />
Lentia Real (1) Kft. CAP EUR 31.10.<strong>2006</strong> 31.10.2011 Bank Austria Creditanstalt AG 5.00% 3M-EURIBOR Interest rate EUR 9,018.0 -40.4<br />
Szepvölgyi Businesspark Kft. CAP EUR 31.10.<strong>2006</strong> 31.10.2011 Bank Austria Creditanstalt AG 5.00% 3M-EURIBOR Interest rate EUR 9,700.0 -43.1<br />
Arpad Center Kft. CAP EUR 31.10.<strong>2006</strong> 31.10.2011 Bank Austria Creditanstalt AG 5.00% 3M-EURIBOR Interest rate EUR 5,420.0 -23.4<br />
MBP I Sp. z o.o. SWAP EUR 30.11.<strong>2006</strong> 30.12.2010 Aareal Bank AG 3.83% 3M-EURIBOR Interest rate EUR 141,661.7 1,833.5<br />
Notes
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