IMMOEAST Annual Report 2006/07

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232 IMMOEAST Annual Report 2006/07 Constantia Privatbank serves as the primary commercial bank for the majority of the Austrian subsidiaries and a number of the foreign subsidiaries. Normal market rates and interest rates are charged for these account management services. The interest rate on credit balances was 3.61% as of 28 April 2007 (28 April 2006: 2.37%) and the interest rate on debit balances was 4.36% as of this date (28 April 2006: 3.17%). 8.4.2 Immofinanz Corporate Finance Consulting GmbH Immofinanz Corporate Finance Consulting GmbH serves as a trust company for group financing. The contract partners are IMMOEAST as well as the majority of companies included under full or proportionate consolidation. For these services, Immofinanz Corporate Finance Consulting GmbH receives fees totalling TEUR 10 per calendar year (2005/06: TEUR 10). 8.4.3 Immoeast Corporate Finance Consulting GmbH Immoeast Corporate Finance Consulting GmbH provides the majority of management resources for IMMOEAST in accordance with the management contract concluded with Constantia Privatbank AG. In addition, Immoeast Corporate Finance Consulting GmbH provided brokerage services for TEUR 0 in 2006/07 (2005/06: TEUR 2,321.1). Furthermore, cash outlays by Immoeast Corporate Finance Consulting GmbH of TEUR 0 were reimbursed in 2006/07 (2005/06: TEUR 7.1). 8.4.4 CPB Corporate Finance Consulting GmbH CPB Corporate Finance Consulting GmbH provided brokerage services in connection with the acquisition of companies for fees totalling TEUR 6,825.0 (2005/06: TEUR 4,696.4). 8.4.5 IMV Immobilien Management und Verwaltung GmbH IMV Immobilien Management und Verwaltung GmbH is the largest property management company in Austria and – together with its subsidiaries in Hungary, the Czech Republic, Poland, Slovakia and Romania – provides property management services for the majority of IMMOEAST objects. These companies handle the invoices for subsidiary operating costs and receive no additional fees from IMMOEAST. 8.4.6 CPB Immobilientreuhand GmbH CPB Immobilientreuhand GmbH and its subsidiaries in Hungary, the Czech Republic and Poland provide broker services at arm’s length for the rental of properties. The charges to IMMOEAST for broker services in 2006/07 comprise TEUR 41.1 from CPB Praha, TEUR 22.4 from CPB Polska and TEUR 609.3 from CPB Hungaria (2005/06: TEUR 1,221.8). 8.4.7 CPB Management Czech Republic s.r.o. CPB Management Czech Republic s.r.o. has rented 261.19 sqm of office space from VALDEK Praha s.r.o. for TEUR 43.9 per year.
8.4.8 Remuneration of corporate bodies The members of the Executive Board receive no separate remuneration from the company. The remuneration for the members of the Supervisory Board is as follows: The members of the Executive Board and Supervisory Board hold 244,143 shares of stock. There are no options outstanding on IMMOEAST shares. 8.4.8 Trust loan The internal financing for the IMMOEAST subsidiaries is handled in part by IMMOFINANZ Corporate Finance Consulting GmbH at arm’s length interest rate conditions. In addition, the IMMOFINANZ Group provided financing of TEUR 993,142.2 at arm’s length conditions. 8.4.9 Constantia Immobilien Development GmbH IMMOEAST granted a loan of TEUR 10,000.0 to Constantia Immobilien Development GmbH during the reporting year. The interest rate equals 8% and the term is unlimited. The outstanding amount as of the balance sheet date, including interest, was TEUR 6,898.7. 8.5 Subsequent events All amounts in TEUR 2006/07 2005/06 Helmut Schwager 30.0 30.0 Wolfgang Reithofer 22.5 22.5 Erhard Schaschl 15.0 15.0 Christian Böhm 15.0 15.0 Herbert Kofler 15.0 15.0 Total 97.5 97.5 8.5.1 Capital transactions IMMOEAST carried out another largest capital increase in May 2007, which involved the issue of 277,941,375 shares of bearer stock at a price of EUR 10.20 per share. IMMOFINANZ AG subscribed to 50.46% of this issue and thereby retained its holding as of 30 April 2007. 8.5.2 Acquisitions Romania After the balance sheet date IMMOEAST acquired a 75% stake in Harborside Hotel s.r.l. This project involves the development and construction of an annex to the Harborside Constanta Phase 1, with a further 15,600 sqm of retail space and a hotel tower with 12,100 sqm of space. IMMOEAST will initially hold 75% of the shares, and the remaining 25% will be owned by the project developer and site owners. Plans call for IMMOEAST to acquire this minority stake after the project is completed. Development also started on the Baia Mare Mall in the north-western region of Romania after 30 April 2007. This project represents a shopping and entertainment centre with approx. 43.000 sqm of space on two levels. The start of construction is scheduled for the fourth quarter of 2007 and completion is expected during the fourth quarter of 2008. This development project will be realised through a cooperation between IMMOEAST and a large Hungarian property company at a total investment volume of EUR 97 million. IMMOEAST acquired 100% of the shares in S.C. Flash Consult Invest s.r.l. after the end of the 2006/07 financial year. This company is the owner of the Euromall Shopping Center in Pitesti, Romania, which has roughly 32,000 sqm of letable space. This facility was completed and opened in May 2007. Notes Report by the Executive Board 233 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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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
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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
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 and 218: The impairment charges to the follo
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: 8.4 Transactions with related parti
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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