IMMOEAST Annual Report 2006/07

80 IMMOEAST Annual Report 2006/07
Improvement of 290%
in financial results
2% effective tax rate
Financial results
Financial results comprise current financing costs (interest income and interest expense) as well
as profit and loss on financial investments and the proportional share of profit and loss from associated
companies. The 2006/07 financial year brought an increase of 290% or TEUR 77,487.3 in
financial results to TEUR 104,163.5. This development resulted from the strong expansion of the
Group’s financing activities on behalf of partners and the parent company, which led to the first
clearly positive net financing costs of TEUR 14,131.8. In addition, the investment of surplus liquid
funds from the capital increase and the valuation of financial instruments generated TEUR 48,429.7
in 2006/07 compared with TEUR 14,680.3 in the prior year. Distributions from financial instruments
held by IMMOEAST totalled TEUR 5,422.2. Exchange rate gains and losses equalled TEUR 34,356.6
in 2006/07 compared with TEUR 11,141.5 in 2005/06.
Financial results by segment
All amounts in TEUR 2006/07 2005/06 Change in %
Hungary 2,654.0 -16,591.0 19,245.0 116.0%
Czech Republic -12,926.9 4,505.9 -17,432.8 -386.9%
Poland -10,873.1 1,505.4 -12,378.5 -822.3%
Slovakia 10,459.7 -271.5 10,731.2 -3,952.6%
Segment CEE -10,686.3 -10,851.2 164.9 -1.5%
Romania -6,730.9 -1,602.9 -5,128.0 319.9%
Bulgaria -441.8 0.0 -441.8 -
Croatia -684.3 0.0 -684.3 -
Serbia -19.5 0.0 -19.5 -
Slovenia -0.2 0.0 -0.2 -
Segment SEE -7,876.7 -1,602.9 -6,273.8 391.4%
Russia -2,350.3 0.0 -2,350.3 -
Ukraine -40.5 0.0 -40.5 -
Segment CIS -2,390.8 0.0 -2,390.8 -
Consolidation 125,117.3 39,130.4 -85,986.9 -
Total 104,163.5 26,676.3 77,487.3 290.5%
The above table shows that financial results – with the exception of foreign exchange effects – are
generated to a limited extent by the operating segments and realised primarily at the holding company
level.
Income taxes
This item includes income tax expense as well as provisions for deferred taxes. Income tax expense
for the group rose from TEUR -37,654.3 in the prior year to TEUR -109,269.1 for 2006/07, but
represents a decrease in the group tax rate from von 20.6% to 16.9%. A calculation based on
TEUR -13,062.8 of income taxes actually paid for the reporting year shows a rate of 2% for the
actual taxation of earned income.