IMMOEAST Annual Report 2006/07

Russia 15.2%
Bulgaria 0.3%
Slovenia 0.7%
Croatia 1.1%
Romania 13.1%
Slovakia 10.0%
SEE
CIS
CEE
The CIS segment is responsible for the second largest contribution to Group rental income. Approximately
15% of the total rental income reported by IMMOEAST in 2006/07, or TEUR 22,145.0, was
earned in Russia. The strong growth in this segment was driven by three acquisitions in Moscow:
the Golden Babylon I and II properties and the 5th Avenue shopping mall.
The SEE segment with Romania, Bulgaria, Croatia, Serbia and Slovenia reported an increase of
89% in rental income during 2006/07. The major part of this income was recorded in Romania with
TEUR 19,128.2. In addition, the first rental income in Croatia and Slovenia was registered during
2006/07.
Structure of rental income by secondary segment
22.2% Poland
21.3% Czech Republic
16.3% Hungary
Results for 2006/07
All amounts in TEUR 2006/07 2005/06 Change in %
Offices 74,054.4 35,122.1 38,932.3 110.8%
Logistics/commercial 68,544.1 22,765.3 45,778.8 201.1%
Residential 55.4 55.2 0.2 0.4%
Parking 3,497.3 1,381.0 2,116.3 153.2%
Rental income 146,151.2 59,323.7 86,827.5 146.4%
Sale of inventories 818.2 277.0 541.2 195.3%
Operating costs 40,830.1 18,596.5 22,233.6 119.6%
Other revenues 5,120.9 1,817.4 3,303.5 181.8%
Revenues 192,920.4 80,014.5 112,905.8 141.1%
An analysis of rental income by secondary segment shows a noticeable shift between the individual
sectors during the reporting year. While 59% of Group rental income was recorded in the office
sector during 2005/06, this figure declined to 50.7% in 2006/07. In contrast, the share of rental
income generated by logistics and commercial space rose to 47%. This development reflects the
IMMOEAST strategy, which calls for the acquisition of large shopping centres in major cities and
important secondary municipalities as well as the continued expansion of the Group’s STOP.SHOP.
brand with its smaller retail facilities in the CEE and SEE regions. This sector registered growth of
201% to TEUR 68,544.1, while the increase in rental income from office space rose by a less-thanaverage
111% to TEUR 74,054.4 of the Group total.
Report by the Executive Board 73
Highlights 2006/07
Business Model and Strategy
Portfolio Structure
Corporate Governance and Outlook
Property Portfolio
Development of Business
Consolidated Financial Statements
Service and Glossary
Structure of rental income
2006/07 by primary segment
in %
15% of rental income
generated in Russia
Growing importance
of SEE segment
Higher rental income
in all segments