IMMOEAST Annual Report 2006/07

Recommendations

Info

78 IMMOEAST Annual Report 2006/07 246% increase in EBIT Development of earnings influenced by declining returns in Central and Eastern Europe Operating profit (EBIT) EBIT reached a new record level in 2006/07, rising by 246% to TEUR 541,288.7. As in previous years, this development was strongly influenced by the development of revaluation results. In 2005/06 revaluation results represented 75% or TEUR 116,986.1 of Group EBIT totalling TEUR 156,269.4, but this figure comprised 91% or TEUR 493,095.1 of Group EBIT (TEUR 541,288.6) for the reporting year. The contribution made by revenues to EBIT declined from TEUR 80,014.5 or 51% in 2005/06 to TEUR 192,920.4 or 36% in the 2006/07 financial year. The primary reason for this development was the yield compression, which influenced the entire Central and East European region. While prime yields averaged slightly more than 6.0% in the previous year, transactions – above all in the CEE segment – approached the 5.0%-mark and, in individual cases, fell below this level after the balance sheet date on 30 April 2007. Returns in the SEE segment fell by a more substantial margin, especially in Romania and Bulgaria. The prime yield remained near 8.0% in the previous year, but is now only slightly more than 6.0% in Romania and 7.0%, in Bulgaria. This development is clearly demonstrated by the above comparison of EBIT and revaluation results by segment. The CEE segment recorded an increase of roughly 175% or TEUR 189,728.7 over the previous year, maintaining its leading position over the other two segments. The largest contributions to EBIT and revaluation results in the CEE segment were provided by the Czech Republic (TEUR 157,071.0) and Poland (TEUR 81,234.3). Comparison of EBIT and revaluation results by primary segment EBIT Revaluation results All amounts in TEUR 2006/07 2005/06 Change in % 2006/07 2005/06 Share in % Hungary 36,310.6 54,550.3 -18,239.7 -33.4% 13,596.8 46,637.2 37.4% 85.5% Czech Republic 157,071.0 19,550.8 137,520.1 703.4% 146,145.4 13,015.1 93.0% 66.6% Poland 81,234.3 56,023.5 25,210.8 45.0% 60,746.9 37,890.9 74.8% 67.6% Slovakia 23,816.7 -21,420.8 45,237.5 -211.2% 12,257.0 -3,623.9 51.5% 16.9% Segment CEE 298,432.5 108,703.8 189,728.7 174.5% 232,746.1 93,919.3 78.0% 86.4% Romania 128,009.7 31,804.7 96,205.0 302.5% 117,134.2 23,066.8 91.5% 72.5% Bulgaria 78,643.7 0.0 78,643.7 - 78,740.4 0.0 100.1% - Croatia 7,350.3 0.0 7,350.3 - 6,208.2 0.0 84.5% - Serbia -259.0 0.0 -259.0 - 0.0 0.0 0.0% - Slovenia 9,406.0 0.0 9,406.0 - 8,818.7 0.0 93.8% - Segment SEE 223,150.8 31,804.7 191,346.1 601.6% 210,901.6 23,066.8 94.5% 72.5% Russia 61,424.0 0.0 61,424.0 - 49,447.4 0.0 80.5% - Ukraine -12,230.1 0.0 -12,230.1 - 0.0 0.0 0.0% - Segment CIS 49,193.9 0.0 49,193.9 - 49,447.4 0.0 0.0% - Consolidation 29,488.6 15,760.8 -45,249.4 - 0.0 0.0 0.0% - Total 541,288.6 156,269.4 385,019.3 246.4% 493,095.1 116,986.1 91.1% 74.9%
The SEE segment generated TEUR 223,150.8 or 41% of Group EBIT in 2006/07. This development was supported above all by Romania (TEUR 128,009.7) and Bulgaria (TEUR 78,740.4). Only Serbia reported negative EBIT of TEUR -259.0, which resulted from impairment charges to goodwill. The first contribution by the new CIS segment to Group EBIT totalled TEUR 49,193.9 or 9%. EBIT reported by Ukraine was negative because of an impairment charge recognised to goodwill in the Alacor Group. Cash EBIT totalled TEUR 65,383.6 for the 2006/07 financial year. Results for 2006/07 Central and Eastern Europe, the oldest and largest segment of IMMOEAST, reported an above-average increase of TEUR 72,299.0 in cash EBIT. Cash EBIT and cash EBIT margin by primary segment C E E S E E C I S All amounts in TEUR 2006/07 2006/07 2006/07 Operating profit (EBIT) 298,432.4 223,150.8 49,193.9 Revaluation of properties -232,746.1 -210,901.6 -49,447.4 Depreciation and amortisation 22,058.4 4,746.0 16,668.0 Gain/loss on the sale of non-current assets -14,026.2 0.0 16.6 Other non-cash income/expenses 163.7 -4,189.9 495.7 Income taxes paid -1,583.1 -1,187.7 -4,149.0 Cash EBIT 72,299.0 11,617.7 12,777.9 Revenues 142,200.9 25,992.9 24,726.6 Cash EBIT margin 50.8% 44.7% 51.7% (continued) Other and Group Eliminations IMMOEAST Group All amounts in TEUR 2006/07 2006/07 Operating profit (EBIT) -29,488.5 541,288.7 Revaluation of properties 0.0 -493,095.1 Depreciation and amortisation 343.9 43,816.3 Gain/loss on the sale of non-current assets -0.1 -14,009.7 Other non-cash income/expenses -2,132.6 -5,663.1 Income taxes paid -33.7 -6,953.5 Cash EBIT -31,310.9 65,383.6 Revenues 0.0 192,920.4 Cash EBIT margin 0.0% 33.9% Report by the Executive Board 79 Highlights 2006/07 Business Model and Strategy Portfolio Structure Corporate Governance and Outlook Property Portfolio Development of Business Consolidated Financial Statements Service and Glossary
Page 1 and 2:
385��
Page 3 and 4:
��
Page 5 and 6:
OF RT OF RS LG OF RT RS OF RT RS OF
Page 7 and 8:
��
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
Page 33 and 34: ��
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 and 76: Russia 15.2% Bulgaria 0.3% Slovenia
Page 77 and 78: 2006/07. However, the extensive inv
Page 79: Results for 2006/07 tion of these i
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
Page 127 and 128: Notes IMMOEAST made the following a
Page 129 and 130: Holding A Vienna IMMOEAST Projekt B
Page 131 and 132:
The following table shows the conso
Page 133 and 134:
Segment CEE Location of property Po
Page 135 and 136:
2.3.1.1.7 Passat Real Sp. z o.o. Th
Page 137 and 138:
2.3.1.3.2 Diamant Real s.r.o. The C
Page 139 and 140:
centre of Prague, is almost fully l
Page 141 and 142:
The following table shows the acqui
Page 143 and 144:
Page 145 and 146:
2.3.3 Segment South-Eastern Europe
Page 147 and 148:
Page 149 and 150:
2.3.3.3.2 Klyos Media s.r.l. On 9 O
Page 151 and 152:
2.3.3.3.5 SBACARO s.r.l. The SIBIU
Page 153 and 154:
2.3.3.3.9 S.C. IE Baneasa Project s
Page 155 and 156:
2.3.3.3.12 S.C. Union Investitii s.
Page 157 and 158:
2.3.3.4 Regional subsegment Serbia
Page 159 and 160:
2.3.4Impactofinitialconsolidations
Page 161 and 162:
Segment CEE CEE CEE CEE CEE CEE Loc
Page 163 and 164:
Segment CEE CEE CEE CEE CEE Locatio
Page 165 and 166:
Segment CEE CIS CIS CIS CIS Locatio
Page 167 and 168:
Segment SEE SEE SEE SEE SEE Locatio
Page 169 and 170:
Segment SEE SEE SEE SEE SEE Locatio
Page 171 and 172:
2.3.5 Structural changes/change in
Page 173 and 174:
The following exchange rates, which
Page 175 and 176:
Subsequent expenditures on an intan
Page 177 and 178:
3.4 Investment property Additional
Page 179 and 180:
Financing costs are capitalised in
Page 181 and 182:
lessee’s interest in both land an
Page 183 and 184:
3.10.7 Limited partnership interest
Page 185 and 186:
The provision is based on the best
Page 187 and 188:
4. Notes to the Balance Sheet 4.1 P
Page 189 and 190:
The carrying values of properties u
Page 191 and 192:
The results of the calculation are
Page 193 and 194:
The first category includes land th
Page 195 and 196:
All amounts in TEUR Goodwill Carryi
Page 197 and 198:
4.3.2a.8 Centre Invest Goodwill 4,0
Page 199 and 200:
4.3.2b.5 BB Centrum Building C Good
Page 201 and 202:
4.3.4 Differences arising from the
Page 203 and 204:
Investments in other companies incl
Page 205 and 206:
The other investments recognised at
Page 207 and 208:
Thereof not impaired and due within
Page 209 and 210:
4.10 Financial liabilities Addition
Page 211 and 212:
Report by the Executive Board Highl
Page 213 and 214:
4.11 Trade accounts payable Thereof
Page 215 and 216:
The corporate income tax rate in Bu
Page 217 and 218:
The impairment charges to the follo
Page 219 and 220:
5.6 Other operating expenses All am
Page 221 and 222:
All amounts in TEUR 2006/07 2005/06
Page 223 and 224:
7. Segment Reporting IFRS 8 Operati
Page 225 and 226:
IMMOEAST is a property company that
Page 227 and 228:
Segment liabilities consist of fina
Page 229 and 230:
upward potential for the valuation
Page 231 and 232:
The market value represents the amo
Page 233 and 234:
8.4 Transactions with related parti
Page 235 and 236:
8.4.8 Remuneration of corporate bod
Page 237 and 238:
Group companies of IMMOEAST AG Nomi
Page 239 and 240:
Nominal Initial Company Country Hea
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Opinion Our audit did not give rise
Page 247 and 248:
Analysis of Results As of 9 October
Page 249 and 250:
Analysis of Results As of 13 July 2
Page 251 and 252:
Analysis of Results liabilities and
Page 253 and 254:
Analysis of Results The following t
Page 255 and 256:
Analysis of Results Romania reporte
Page 257 and 258:
Slovakia IMMOEAST AG acquired 10% o
Page 259 and 260:
Valuation Certificates Romania Valu
Page 261 and 262:
Valuation Certificates Report by th
Page 263 and 264:
Page 265 and 266:
Page 267 and 268:
Financial Calendar 13 September 200
show all

IMMOEAST Annual Report 2006/07

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?