IMMOEAST Annual Report 2006/07

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74 IMMOEAST Annual Report 2006/07 Structure of rental income by secondary segment in TEUR Three primary segments with different sector structures 160,000 120,000 80,000 40,000 0 2004/05 2005/06 2006/07 Rental income and revenues by primary and secondary segment Parking Residential Logistics/commercial C E E S E E C I S All amounts in TEUR 2006/07 2005/06 Change in % 2006/07 2005/06 Change in % 2006/07 2005/06 Offices 52,963.9 23,425.0 126.1% 21,090.5 11,697.1 80.3% 0.0 0.0 Logistics/commercial 45,464.8 20,382.9 123.1% 961.8 0.0 - 22,117.5 0.0 Retail 0.0 2,382.4 -100.0% 0.0 0.0 - 0.0 0.0 Residential 55.4 55.2 0.4% 0.0 0.0 - 0.0 0.0 Parking 3,396.8 1,381.0 146.0% 73.0 0.0 - 27.5 0.0 Rental income 101,881.0 47,626.6 113.9% 22,125.4 11,697.1 89.2% 22,145.0 0.0 Sale of inventories 818.2 276.7 195.7% 0.0 0.3 -100.0% 0.0 0.0 Operating costs charged on 37,373.6 16,178.3 131.0% 3,839.3 2,418.2 58.8% 1,820.8 0.0 Other 2,128.2 1,809.5 17.6% 28.2 0.0 - 760.8 0.0 Revenues 142,201.0 65,891.1 115.8% 25,992.9 14,115.6 84.1% 24,726.6 0.0 Offices (continued) Transition IMMOEAST Group All amounts in TEUR 2006/07 2005/06 2006/07 2005/06 Offices 0.0 0.0 74,054.4 35,122.1 Logistics/commercial 0.0 0.0 68,544.2 20,382.9 Retail 0.0 0.0 0.0 2,382.4 Residential 0.0 0.0 55.4 55.2 Parking 0.0 0.0 3,497.3 1,381.0 Rental income 0.0 0.0 146,151.3 59,323.7 Sale of inventories 0.0 0.0 818.2 277.0 Operating costs charged on 0.0 0.0 43,033.7 18,596.5 Other 0.0 7.8 2,917.2 1,817.4 Revenues 0.0 7.8 192,920.4 80,014.5 The CEE segment reported rental income of TEUR 52,963.9 for 2006/07, which equals 36% of rental income recorded by the Group. The largest share of rental income from office space as well as the largest share of commercial space with rental income of TEUR 45,464.8 (31% of Group rental income) was recorded by this segment. This is a direct result of the many years of investment activity in the region. The second oldest segment – SEE and here, above all, Romania – is currently responsible for 15% of total rental income. In this segment 95% of rental income is registered in the office sector, but the development of retail projects will change the weighting in the SEE segment, presumably by mid-2009. In the CIS region, IMMOEAST investments were limited to retail objects in Moscow during
2006/07. However, the extensive investment programme planned for the coming years is expected to lead to a more equal distribution of rental income over a number of sectors. Revaluation results Revaluation results include all increases and decreases in the value of investment properties as well as any impairment charges to development projects. In comparison to the previous year, revaluation results rose by 322% to TEUR 493,095.1. Properties acquired during the reporting year generated TEUR 297,464.9 or roughly 60% of the total amount. This significant increase was the result of two main factors: on the one hand, the yield compression in Central and Eastern Europe intensified significantly in relation to 2005/06 –Hungary was the only country to report a different development. On the other hand, IMMOEAST was able to acquire a number of interesting sites for future project development, which were revalued during 2006/07. Also included here are properties that did not exceed their acquisition cost in revaluations carried out during earlier years. Revaluation results include TEUR 163,541.0 from the revaluation of property sites in 2006/07, which represent 33% of total revaluation results. A strong rise in the Polish Zloty, Romanian Leu, Hungarian Forint and Slovakian Krone had a substantial negative impact on revaluation results for the year. This effect was particularly significant in Slovakia, where a 9.8% increase in the value of the Krone over the prior year level had an equal impact on revaluation results. The Hungarian Forint gained 6.4% in relation to the Euro, a development that was also reflected in revaluation results. Revaluation results by segment and as a % of property Results for 2006/07 Revaluation results Property Report by the Executive Board 75 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary Strong development in spite of foreign exchange effects All amounts in TEUR 2006/07 2005/06 Change in % 2006/07 2005/06 Increase in value in % Hungary 13,596.8 46,637.2 -33,040.4 -70.8% 495,474.2 361,370.9 2.82% 14.8% Czech Republic 146,145.4 13,015.1 133,130.3 1,022.9% 933,479.6 390,231.5 18.56% 3.5% Poland 60,746.9 37,890.9 22,856.0 60.3% 821,483.2 375,275.0 7.99% 11.2% Slovakia 12,257.0 -3,623.9 15,880.9 - 293,278.9 241,370.0 4.36% -1.5% Segment CEE 232,746.1 93,919.3 138,826.8 147.8% 2,543,715.9 1,368,247.4 10.07% 7.4% Romania 117,134.2 23,066.8 94,067.4 407.8% 425,734.8 218,129.2 37.96% 11.8% Bulgaria 78,740.4 0.0 78,740.4 - 102,881.3 0.0 326.17% - Slovenia 8,818.7 0.0 8,818.7 - 31,329.2 0.0 39.18% - Segment SEE 210,901.6 23,066.8 187,834.8 814.3% 605,717.9 218,129.2 53.42% 11.8% Russia 49,447.4 0.0 49,447.4 - 352,480.7 0.0 16.32% - Segment CIS 49,447.4 0.0 49,447.4 - 352,480.7 0.0 16.32% - Total 493,095.1 116,986.1 376,109.0 321.5% 3,501,914.5 1,586,376.6 16.39% 8.0% -
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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
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 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: Russia 15.2% Bulgaria 0.3% Slovenia
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
Page 109 and 110: Segment reporting Report by the Exe
Page 111 and 112: CIS Segment reporting Ukraine Other
Page 113 and 114: Segment reporting C I S Transition
Page 115 and 116: IMMOEAST AG Consolidated cash flow
Page 117 and 118: CIS Segment reporting Report by the
Page 119 and 120: The principle of fair presentation
Page 121 and 122: the measurement of the cost of the
Page 123 and 124: Proportionate consolidation is a me
Page 125 and 126: 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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