IMMOEAST Annual Report 2006/07

The expected net operating income from development projects (excluding inventories) is shown below:
Development projects, excluding inventories
All amounts in TEUR
Country Construction costs NOI (e) Development yield Fair value yield
Czech Republic 297,107.73 31,555.38 10.6% 6.1%
Hungary 537,359.44 49,218.76 9.2% 7.2%
Poland 229,011.44 20,830.06 9.1% 7.4%
Slovakia 289,958.12 33,190.26 11.4% 11.2%
Total CEE 1,353,436.74 134,794.46 10.0% 7.9%
Romania 1,054,350.56 105,310.33 10.0% 8.1%
Bulgaria 162,718.93 28,823.52 17.7% 10.9%
Total SEE 1,217,069.50 134,133.85 11.0% 8.7%
Russia 619,292.52 58,832.79 9.5% 9.5%
Ukraine 58,173.05 5,090.14 8.8% 8.8%
Total CIS 677,465.57 63,922.93 9.4% 9.4%
Total 3,247,971.80 332,851.24 10.2% 8.5%
The fair value yield shows the returns on the valuation of properties as of the balance sheet date,
while the development yield is calculated by dividing NOI (e) by construction costs.
Transition to the property portfolio
The property portfolio of the IMMOEAST Group totalled approximately EUR 9 billion as of the balance
sheet date on 30 April 2007. This value is comprised of the following:
Property portfolio as of 30 April 2007
All amounts in EUR million
Investment properties 3,501.91
Construction costs for redevelopment/land 613.78
4,115.69
Properties under construction 242.77
Reserves 326.34
Outstanding construction costs 1,803.02
2,372.13
Inventories 81.68
Reserves 70.06
Outstanding construction costs 259.48
411.22
Construction costs for forward purchases 588.40
Reserves for forward purchases
Properties held through investments in other
41.14
companies and commitments 1,490.57
2,120.12
Total 9,019.16
Results for 2006/07
Report by the Executive Board 85
Highlights 2006/07
Business Model and Strategy
Portfolio Structure
Corporate Governance and Outlook
Property Portfolio
Development of Business
Consolidated Financial Statements
Service and Glossary