IMMOEAST Annual Report 2006/07

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Investor Relations NEW IMPULSES THROUGH NEW MARKETS ��
Capital Market & Development of Share Developments on international capital markets During the period from May 2006 to the end of April 2007, events on international markets were influenced by the volatile development of prices for raw materials and crude oil and the subsequent impact on economic growth, inflation and interest rates. Following massive declines in early summer, all major international stock indexes recorded positive performance for the fourth year in succession. However, this development was moderated by a strong but brief correction in February 2007 – the upward trend then continued during the first quarter of 2007, although macroeconomic factors and geopolitical risks clouded the general market climate. In year-on-year comparison, the DJ Euro Stoxx 50 recorded an increase of 14.4% as of April 2007 and the leading German DAX reported a plus of 23.3%. The Austrian Traded Index (ATX) of the Vienna Stock Exchange closed with 4,738 points at the end of April, which represents an increase of 13.5% over the previous year. Market environment for property shares The development of property shares outpaced the market during the 2006/07 financial year. Positive impulses were provided above all by dynamic growth in Eastern Europe and the resulting increase in the demand for space. The I-ATX property index of the Vienna Stock Exchange registered a plus of nearly 26% from May 2006 to the end of April 2007. However, in part significant corrections were noted during early summer 2007. Performance of the IMMOEAST share IMMOEAST has also recorded an impressive success story on the stock exchange since its initial public offering in December 2003. With average annual performance of almost 20% from the start of trading on 12 December 2003 to 30 April 2007, the stock has generated excellent results for shareholders. The IMMOEAST share was able to match its past performance without difficulty during 2006/07. An increase of 20.8% for the financial year again demonstrated the stability of the upward trend in the share price. Three-year performance of 20.0% placed the share above the 20%-mark for the first time. Since the initial public offering IMMOEAST shareholders have also enjoyed an average annual performance that has nearly matched this level, with a plus of 19.3%. 210 200 190 180 170 160 150 140 130 120 110 100 Dec 03 Mar 04 Jun 04 Sep 04 Dec 04 Mar 05 Jun 05 Sep 05 Dec 05 Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Investor Relations IMMOEAST Immobilien ATX MSCI World Report by the Executive Board 47 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary Continuation of upward trend Property index outperforms market with a plus of 26% Share price reaches historic high of EUR 12.0 Development of IMMOEAST share price vs. I-ATX and MSCI World from 12.12.2003 to 29.6.2007 in %
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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 and 22: Advance to number 2 in Continental
Page 23 and 24: Broad-based diversification of the
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: Sector Short-term investment of cap
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
Page 73 and 74: 3. Corporate Profile IMMOEAST is on
Page 75 and 76: Russia 15.2% Bulgaria 0.3% Slovenia
Page 77 and 78: 2006/07. However, the extensive inv
Page 79 and 80: Results for 2006/07 tion of these i
Page 81 and 82: The SEE segment generated TEUR 223,
Page 83 and 84: 5.2 Financial position Cash flow st
Page 85 and 86: Non-current liabilities Non-current
Page 87 and 88: The expected net operating income f
Page 89 and 90: 6.1.2. Development of business in C
Page 91 and 92: Recreation/hotel properties 1.5% Re
Page 93 and 94: The development of business in Pola
Page 95 and 96: 6.2 Segment SEE Overview of propert
Page 97 and 98: 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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