IMMOEAST Annual Report 2006/07

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Future Developments PLANNED INVESTMENT PROGRAMME OF NEARLY EUR 6 BILLION AT RECORD LEVEL ��
Investment Programme 2007/08 Investment Programme 2007/08 Acquisitions of EUR 6 billion IMMOEAST plans to carry out an investment programme with a total volume of nearly EUR 6 billion during 2007. These expansion steps will be financed with the proceeds from the capital increase that was completed in May 2007, which raised equity of EUR 2.84 billion. That means the financing – including a debt component of roughly 50% – for the full range of investments is now secured. The 2007/08 investment programme will top the previous high marked by the EUR 5 billion acquisition programme in 2006/07 by roughly EUR 1 billion. The investment programme for the coming year was prepared in detail during 2006/07. All projects were evaluated and analysed by the IMMOEAST asset management department at the start of the financial year and presented to the Supervisory Board for approval. 77% of the investment volume have been approved by the Supervisory Board and is now in the final stage of negotiations or due diligence, and 23% were completed before the end of the reporting year on 30 April 2007. These broad-based investments will also lead to a fundamental change in the structure of the IMMOEAST portfolio. New geographic and sector focal points will be established, and adjustments will also be made to the structure of investments: — From a geographic standpoint, the focus of investments will shift from Central and Eastern Europe (Poland, Slovakia, Czech Republic, Hungary) to South-eastern Europe (Romania, Bulgaria, Croatia, Serbia and Slovenia). The portfolio as of 30 April 2007 shows a dominating share of 57.4% for the countries of Central and Eastern Europe that joined the EU in 2004, while the latest investment programme includes 43.26% for South-eastern Europe and only 32.81% for Central and Eastern Europe. The share of investments in Russia and Ukraine, which previously represented only 7.4% of the Group’s investment properties, will be significantly increased and is reflected in a 23.91% share of the 2007/08 investment programme. — The sector focus shows a clear shift toward retail properties: approx. 61% of investments will be directed to this market in 2007/08, while the comparable portfolio figure for 2006/07 equalled only approx. 30%. Parallel to this development, the office sector will be reduced from its previous overriding level of 37.7% to roughly 30% of new investments. The increasing concentration on the retail sector will also lead to a reduction of investments in the logistics and residential areas. — The share of investments in development projects will also rise significantly. In the 2007/08 investment programme, these projects represent two-thirds of the total volume. Nearly 9% of investments will represent the acquisition of stakes in other property companies, generally in property developers. However, this figure does not include the purchase of objects developed by companies in which IMMOEAST is a shareholder. For this reason, the strategic importance of participations in other companies is not reflected in the nominal percentage of these holdings in relation to the total investment volume. Report by the Executive Board 57 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary Proceeds of EUR 2.84 billion from the capital increase in May 2007 support the largest investment programme to date by IMMOEAST Investment Investment programme programme triggers geographic and sector changes
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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 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: ment of independence from the audit
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
Page 99 and 100: Key Data Slovenia Croatia Serbia Re
Page 101 and 102: Key data on Russia Revenues in TEUR
Page 103 and 104: Consolidated Financial Statements o
Page 105 and 106: IMMOEAST AG Consolidated income sta
Page 107 and 108: 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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