IMMOEAST Annual Report 2006/07

264 IMMOEAST Annual Report 2006/07
Glossary
ATX: Austrian Traded Index.
ATX Prime: Includes all shares in the Prime Market segment
of the Vienna Stock Exchange.
Cash EBIT margin: Cash EBIT (=EBIT, depreciation, amortisation,
revaluation of properties and reversal of negative
goodwill).
Cost model: IFRS accounting method for property, which
is similar to the method required by the Austrian Commercial
Code and calls for annual depreciation independent
of fair value.
DAX: German stock index.
Discounted cash flow method: Method used to determine
value through the discounting of payment flows.
Diversification: Distribution of property investments
among various sectors and geographic regions to minimise
risk.
Earnings per share: Net profit divided by the weighted
average number of shares outstanding.
EBIT: Earnings before interest and tax, or operating
profit.
EBT: Earnings before tax.
EPRA: European Public Real Estate Association, an
organisation of listed property companies in Europe.
Fair value model: IFRS accounting method for property,
which is based on actual realisable market value.
Fair value: The market value of property as determined
by the valuation committee.
Gearing: Ratio of net debt to equity.
GPR-15 Real Time Index: Global Property Research (GPR)
prepares a stock index that covers the 15 largest listed
property companies in Europe; of these companies, eight
are located in Continental Europe.
Gross cash flow: Increase or decrease in cash and cash
equivalents arising from cash inflows and outflows during
the business year.
IAS 40: IAS 40 provides enterprises with an option for
recording real estate held as investment property; companies
may choose between a fair value model and a
cost model (also see definitions of fair value model and
cost model).
IATX: Branch index for property stocks in the ATX.
IFRS and IAS: International Financial Reporting Standards
and International Accounting Standards.
ISIN: International Security Identification Number (code
number for stocks and bonds).
Market capitalisation: The market value of a stock corporation
(stock price x number of shares).
MSCI World Index: Stock index published by Morgan
Stanley Capital International (MSCI), which is based on
roughly 2,000 stock prices from over 20 countries; in
addition to a global index, MSCI also issues regional
indexes (MSCI Europe Index).
Net operating income (NOI): Direct payment flows allocated
to a property, which are also used in determining
its value.
P/E ratio: Price/earnings ratio, an indicator of the market
valuation of a stock.
Stock performance: Development of the value of a
stock.