IMMOEAST Annual Report 2006/07

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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