IMMOEAST Annual Report 2006/07

92 IMMOEAST Annual Report 2006/07
Strong improvement in
revenues and earnings
Distribution of letable space
by sector in Slovakia
As of 30.4.2007
Slovakia has a population of 5.4 million and a supply of slightly more than 2 million housing units,
which translates into an average household size of 2.8 persons. This situation, combined with the
comparatively low average age of the Slovakian population (approx. 36 years), will lead to a significant
increase in the demand for housing over the coming years. In the retail sector, development
steps were initiated several years ago with a focus on Bratislava and the provincial city of Kosice.
The logistics market is located primarily in the capital city as well as the industrial areas of Zilina
and Kosice, and has a volume of roughly 440,000 sqm with a steadily declining vacancy rate that
now equals 8%.
The development of business in Slovakia
The growth rates recorded in Slovakia exceed the average for the other countries in this segment
because of the later market entry. Revenues recorded in Slovakia rose by 216.5% to TEUR 23,633.9
for the reporting year. EBIT reached a level of TEUR 23,816.7 in 2006/07 after negative results in the
previous year, whereby approximately one-half of the reporting year figure consists of revaluation
results.
Key data on Slovakia
2006/07 2005/06 Change in %
Revenues in TEUR 23,633.9 7,466.2 216.5%
EBIT in TEUR 23,816.7 -21,420.8 211.2%
Letable space as a % of the total portfolio 6.3% 9.4% -33.0%
Fair value in EUR million 671.5 285.9 134.9%
Fair value as a % of the total portfolio 7.5% 14.8% -49.3%
Logistics properties 0.3%
Parking 11.8%
Retail properties 38.0% 49.9% Office properties