General notes
Scope of business
CA Immobilien Anlagen Aktiengesellschaft and its subsidiaries (the “CA Immo Group”) is an internationally active property group. The parent company is CA Immobilien Anlagen Aktiengesellschaft (“CA Immo AG”), domiciled at 1030 Vienna, Mechelgasse 1. Subsidiaries exist in Austria, Germany, Switzerland, Bulgaria, Estonia, Croatia, Luxemburg, the Netherlands, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, the Czech Republic, Hungary and Cyprus. As at 31 December 2008, the CA Immo Group held properties in all of the aforementioned countries (except the Netherlands, Luxemburg, Croatia and Cyprus).
Accounting principles
The Consolidated Financial Statements of CA Immo AG were prepared in accordance with the International Financial Reporting Standards (IFRS), to the extent these standards are applicable to companies within the European Union.
The accounts of the companies included in the Consolidated Financial Statements are based on the uniform accounting principles of the CA Immo Group. The balance sheet date of all companies is 31 December 2008. The Consolidated Financial Statements are presented in one thousand euros (“€ K”, rounded according to the commercial rounding method). The use of automatic data processing equipment may give rise to rounding differences in the addition of rounded amounts and percentage rates.
Since 1 January 2008, the German property development group Vivico, with Vivico Real Estate GmbH, Frankfurt as its parent company (the “Vivico Group”), has been shown as fully consolidated as a result of which the following items have been added to the balance sheet and income statement:
Consolidated balance sheet:
- Properties intended for trading (mainly the trading portfolio of the Vivico Group)
- Investment properties own used (in Germany and Austria)
Consolidated income statement:
- Sales revenue (income from the sale of properties intended for trading)
- Book value of properties intended for trading: this item includes the book value of stock properties sold, changes to stock and other development costs in connection with properties intended for trading.
- Own works capitalised: this item includes capitalised items in connection with properties under development.
- Revenues and expenses of construction contracts (through service companies)
The main effects which the Vivico Group has had on items in the consolidated cash flow statement are as follows:
The cash flow from changes in net current assets mainly includes changes in connection with properties intended for trading, in particular changes in connection with properties intended for trading (stock), changes to receivables and trade creditors for properties intended for trading and changes to pre-payments received on properties intended for trading which have been sold.
List of consolidated companies
The following companies are included in the Consolidated Financial Statements in addition to CA Immobilien Anlagen Aktiengesellschaft:
Company |
Domicile |
Nominal capital |
Currency |
Interest |
Consolidation method 1) |
Betriebsobjekte Verwertung Gesellschaft m.b.H. & Co. Leasing OHG |
Vienna |
4,135,427 |
EUR |
100 |
FC |
BIL-S Superädifikatsverwaltungs GmbH |
Vienna |
70,000 |
EUR |
100 |
FC |
CA Immo Asset Management GmbH |
Vienna |
100,000 |
EUR |
100 |
FC |
CA Immo BIP Liegenschaftsverwaltung GmbH |
Vienna |
3,738,127 |
EUR |
100 |
FC |
CA Immo Galleria Liegenschaftsverwaltung GmbH |
Vienna |
35,000 |
EUR |
100 |
FC |
CA Immo Germany Holding GmbH |
Vienna |
35,000 |
EUR |
100 |
FC |
CA Immo International AG |
Vienna |
315,959,907 |
EUR |
61,7 |
FC |
CA Immo International Holding GmbH |
Vienna |
35,000 |
EUR |
100 |
FC |
CA Immo LP GmbH |
Vienna |
146,000 |
EUR |
100 |
FC |
CA Immo ProjektentwicklungsgmbH |
Vienna |
72,500 |
EUR |
100 |
FC |
CA Immo Rennweg 16 GmbH |
Vienna |
35,000 |
EUR |
100 |
FC |
CA Immo-RI-Residential Property Holding GmbH |
Vienna |
35,000 |
EUR |
100 |
FC |
CA Immobilien Anlagen Beteiligungs GmbH |
Vienna |
36,500 |
EUR |
100 |
FC |
CA Immobilien Anlagen Beteiligungs GmbH & Co Finanzierungs OEG |
Vienna |
7,000 |
EUR |
100 |
FC |
MI Immobilienverwertungs-Gesellschaft m.b.H. |
Vienna |
109,500 |
EUR |
100 |
FC |
I.N.A. Handels GmbH |
Vienna |
37,000 |
EUR |
100 |
FC |
Parkring 10 Immobilien GmbH |
Vienna |
35,000 |
EUR |
100 |
FC |
SQUARE S Holding GmbH |
Vienna |
35,000 |
EUR |
100 |
FC |
Blitz F07-neunhundert-sechzig-acht GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Blitz F07-neunhundert-sechzig-neun GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Null Verwaltungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Eins GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Zwei GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Drei GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Vier GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Fünf GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Sechs GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Sieben GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Acht GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Neun GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Zehn GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo Elf GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo GB GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
CA Immo GB Eins GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
94,9 |
FC |
CEREP Allermöhe GmbH |
Frankfurt |
25,000 |
EUR |
99,7 |
FC |
CM Komplementär F07-888 GmbH & Co. KG |
Frankfurt |
25,000 |
EUR |
94,9 |
FC |
Vivico AG |
Frankfurt |
50,000 |
EUR |
100 |
FC |
Vivico Real Estate GmbH |
Frankfurt |
5,000,000 |
EUR |
99,7 |
FC |
[1] FC = full consolidation
As at 31 December 2008, the CA Immo Group held 99.7 % of the shares in Vivico Real Estate GmbH, Frankfurt am Main (“Frankfurt”). Therefore the following subsidiaries and joint ventures of Vivico Real Estate GmbH, Frankfurt, are also included in the Consolidated Financial Statements:
Company |
Domicile |
Nominal capital |
Currency |
Interest |
Consolidation method 1) |
Boulevard Süd 4 GmbH & Co. KG |
Ulm |
200,000 |
EUR |
50 |
PC |
Boulevard Süd 4 Verwaltungs-GmbH |
Ulm |
25,000 |
EUR |
50 |
PC |
Dorotheenhöfe Grundstücks-GmbH & Co. KG |
Berlin |
255,646 |
EUR |
100 |
FC |
Dorotheenhöfe Grundstücksverwaltungs-GmbH |
Frankfurt |
25,565 |
EUR |
100 |
FC |
Einkaufszentrum Erlenmatt AG |
Basel |
100,000 |
CHF |
50 |
PC |
Isargärten Thalkirchen GmbH & Co. KG |
Grünwald |
30,000 |
EUR |
33,3 |
EQ |
Isargärten Thalkirchen Verwaltungs GmbH |
Grünwald |
25,000 |
EUR |
33,3 |
EQ |
omniCon Verwaltungs GmbH |
Dreieich |
100,000 |
EUR |
100 |
FC |
omniCon Gesellschaft für innovatives Bauen mbH |
Dreieich |
100,000 |
EUR |
100 |
FC |
omniPro Gesellschaft für Projektmanagement mbH |
Dreieich |
25,000 |
EUR |
100 |
FC |
REC Frankfurt Objekt KG |
Frankfurt |
50,000 |
EUR |
100 |
FC |
REC Frankfurt Objekt Verwaltungsgesellschaft mbH |
Hamburg |
25,000 |
EUR |
50 |
PC |
SKYGARDEN Arnulfpark GmbH & Co. KG |
Grünwald |
100,000 |
EUR |
50 |
PC |
SKYGARDEN Arnulfpark Verwaltungs GmbH |
Grünwald |
25,000 |
EUR |
50 |
PC |
VIADOR GmbH |
Frankfurt |
100,000 |
EUR |
70 |
FC |
Vivico Berlin Hallesches Ufer GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Berlin Lehrter Stadtquartier Verwaltungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Berlin Lehrter Stadtquartier 3 GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Berlin Lehrter Stadtquartier 4 GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Berlin Lehrter Stadtquartier 5 GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Berlin Lehrter Stadtquartier 6 GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Berlin Lehrter Stadtquartier 7 GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Berlin Lehrter Stadtquartier 8 GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Berlin Lehrter Stadtquartier 9 GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Berlin Schöneberger Ufer Beteiligungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Berlin Schöneberger Ufer GmbH & Co. KG |
Frankfurt |
2,500,000 |
EUR |
100 |
FC |
Vivico Berlin Schöneberger Ufer Verwaltungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Berlin Unter den Linden Beteiligungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Berlin Unter den Linden GmbH & Co. KG |
Frankfurt |
2,500 |
EUR |
100 |
FC |
Vivico Berlin Unter den Linden Verwaltungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Bauphase I GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Frankfurt Bauphase I Verwaltungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Hotel Vermietungsgesellschaft mbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Nord 1 Beteiligungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Nord 1 Projekt GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Frankfurt Nord 1 Verwaltungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Nord 4 GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Frankfurt Nord 4 Verwaltungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt TL Hotel Verwaltungs-GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Tower185 Beteiligungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Tower185 Projekt GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Frankfurt Tower185 Verwaltungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Tower-2-Besitz GmbH & Co. KG |
Frankfurt |
5,000 |
EUR |
100 |
FC |
Vivico Frankfurt Tower-2-Geschäftsführungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Tower-2-Hotelbetriebsgesellschaft mbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Frankfurt Tower-2-Verwaltungsgesellschaft mbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Köln K1 GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Köln K2 GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico Köln K3 GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München HKW - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München Lokhalle Beteiligungs-GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München MI 1 - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München MI 3 - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München MI 5 - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München MI 6 - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München MK 2 - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München MK 3 - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München MK 4 - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München MK 6 - Arnulfpark Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
Vivico München Perlach Grundstücksverwertungs GmbH |
Frankfurt |
25,000 |
EUR |
100 |
FC |
[1] FC = full consolidation, PC = proportional consolidation, EQ = at-equity consolidation
As at 31 December 2008, the CA Immo Group held 61.7 % of the shares in CA Immo International AG, Vienna. Therefore the following subsidiaries, joint ventures and associated companies of CA Immo International AG, Vienna are also included in the Consolidated Financial Statements:
Company |
Domicile |
Nominal capital |
Currency |
Interest |
Consolidation method 1) |
CA Immo International Beteiligungsverwaltungs GmbH |
Vienna |
35,000 |
EUR |
100 |
FC |
CA Immo Investment Management GmbH |
Vienna |
100,000 |
EUR |
100 |
FC |
CEE Hotel Development Aktiengesellschaft |
Vienna |
70,000 |
EUR |
50 |
PC |
CEE Hotel Management und Beteiligungs GmbH |
Vienna |
35,000 |
EUR |
50 |
PC |
H 1 Hotelentwicklungs GmbH |
Vienna |
35,000 |
EUR |
33,3 2) |
PC |
UBM Realitätenentwicklung AG |
Vienna |
5,450,463 |
EUR |
25 |
EQ |
CA Immo d.o.o. |
Belgrade |
100,500 |
EUR |
100 |
FC |
Log Center d.o.o. |
Belgrade |
40,515 |
RSD |
50 |
PC |
TM Immo d.o.o. |
Belgrade |
367,466,398 |
RSD |
100 |
FC |
BA Business Center a.s. |
Bratislava |
226,000,000 |
SKK |
100 |
FC |
Starohorska Development s.r.o. |
Bratislava |
200,000 |
SKK |
50 |
PC |
CA Immo Holding Hungary Kft. |
Budapest |
13,000,000 |
HUF |
100 |
FC |
Canada Square Kft. |
Budapest |
113,500,000 |
HUF |
100 |
FC |
Casa Property Kft. |
Budapest |
51,310,000 |
HUF |
100 |
FC |
CSB Vagyonkezelő Kft. |
Budapest |
12,500,000 |
HUF |
100 |
FC |
Kapas Center Kft. |
Budapest |
772,560,000 |
HUF |
100 |
FC |
Kilb Kft. |
Budapest |
30,000,000 |
HUF |
100 |
FC |
R 70 Invest Budapest Kft. |
Budapest |
5,250,000 |
HUF |
100 |
FC |
Skogs Buda Business Center II. Kft. |
Budapest |
327,100,000 |
HUF |
100 |
FC |
Skogs Hungary Kft. |
Budapest |
327,000,000 |
HUF |
100 |
FC |
Váci 76 Kft. |
Budapest |
3,000,000 |
HUF |
100 |
FC |
CA Immobilien S.R.L. |
Bucharest |
947,100 |
RON |
100 |
FC |
Opera Center One S.R.L. |
Bucharest |
2,531,150 |
RON |
100 |
FC |
Opera Center Two S.R.L. |
Bucharest |
4,700,400 |
RON |
100 |
FC |
S.C. BBP Leasing S.R.L. |
Bucharest |
14,637,711 |
RON |
100 |
FC |
Astrakhan Hotelinvest B.V. |
Hoofddorp |
25,000 |
EUR |
50 |
PC |
CA Immo Holding B.V. |
Hoofddorp |
51,200,000 |
EUR |
100 |
FC |
CEE Development B.V. |
Hoofddorp |
25,000 |
EUR |
50 |
PC |
CA Immobilien Anlagen d.o.o. |
Ljubljana |
50,199 |
EUR |
100 |
FC |
CA IMMO NEW EUROPE PROPERTY FUND S.C.A. SICAR |
Luxemburg |
114,530,000 |
EUR |
60 |
FC |
CA Immo S.á.r.l. |
Luxemburg |
33,000 |
EUR |
100 |
FC |
OOO BBM |
Moscow |
10,000 |
RUB |
50 |
PC |
OOO Business Center Maslovka |
Moscow |
23,500,000 |
RUB |
50 |
PC |
Larico Limited |
Nicosia |
1,438 |
EUR |
50 |
PC |
Triastron Investments Limited |
Nicosia |
1,737 |
EUR |
50 |
PC |
2P s.r.o. |
Pilsen |
240,000 |
CZK |
100 |
FC |
Europort Airport Center a.s. |
Prague |
14,100,000 |
CZK |
100 |
FC |
FCL Property a.s. |
Prague |
2,000,000 |
CZK |
100 |
FC |
Officecenter Mladost EOOD |
Sofia |
5,000 |
BGN |
100 |
FC |
Officecenter Mladost 2 EOOD |
Sofia |
5,000 |
BGN |
100 |
FC |
Soravia Center OÜ |
Tallinn |
100,000 |
EEK |
40 |
EQ |
CA Betriebsobjekte Polska Sp. z.o.o. |
Warsaw |
50,000 |
PLN |
50 |
PC |
Doratus Sp. z.o.o. |
Warsaw |
2,000,000 |
PLN |
100 |
FC |
Mahler Property Services Sp. z.o.o. |
Warsaw |
50,000 |
PLN |
50 |
PC |
Warsaw Financial Center Sp. z.o.o. |
Warsaw |
100,634,600 |
PLN |
50 |
PC |
CA Immo Projekt d.o.o. |
Zagreb |
11,800,000 |
HRK |
100 |
FC |
[1] FC = full consolidation, PC = proportional consolidation, EQ = At Equity consolidation
[2] The 66.7 % interest held in CEE Hotel Management und Beteiligungs GmbH, a 50 % proportion of which is shown in the Consolidated Financial Statements of CA Immo International
As at 31 December 2008, CA Immo International AG for its part held 60 % of the shares in CA IMMO NEW EUROPE PROPERTY FUND S.C.A. SICAR, Luxemburg. Therefore the following subsidiaries, joint ventures and associated companies of CA IMMO NEW EUROPE PROPERTY FUND S.C.A SICAR, Luxemburg are also included in the Consolidated Financial Statements:
Company |
Domicile |
Nominal capital |
Currency |
Interest |
Consolidation method 1) |
CA Immo Office Park d.o.o. |
Belgrade |
500 |
EUR |
100 |
FC |
CA Immo Sava City d.o.o. |
Belgrade |
6,100,000 |
EUR |
100 |
FC |
TC Investments Arad SRL |
Bucharest |
4,018,560 |
RON |
95.9 |
FC |
TC Investments Turda SRL |
Bucharest |
200 |
RON |
70 |
FC |
Pannonia Shopping Center Kft. |
Györ |
380,000,000 |
HUF |
50 |
PC |
CAINE B.V. |
Hoofddorp |
18,151 |
EUR |
100 |
FC |
Pulkovo B.V. |
Hoofddorp |
25,000 |
EUR |
100 |
FC |
CAINE S.á.r.l. |
Luxemburg |
12,500 |
EUR |
100 |
FC |
OOO BB Invest |
Moscow |
10,000 |
RUB |
50 |
PC |
OOO BBV |
Moscow |
7,987,787 |
RUB |
31.8 2) |
PC |
Tavero Enterprises Limited |
Nicosia |
1,710 |
EUR |
50 |
PC |
Kornelco Holdings Limited |
Nicosia |
1,741 |
EUR |
50 |
PC |
K&K Investments SRL |
Sibiu |
15,000 |
RON |
90 |
FC |
OAO Avielen AG |
St. Petersburg |
370,000,000 |
RUB |
25 |
EQ |
Poleczki Business Park Sp. z.o.o. |
Warsaw |
3,936,000 |
PLN |
50 |
PC |
[1] FC = full consolidation, PC = proportional consolidation, EQ = At Equity consolidation
[2] The 63.5 % interest held in OOO BB Invest, Moscow, a 50 % proportion of which is shown in the Consolidated Financial Statements of CA Immo New Europe Property Fund S.C.A. SICAR
The number of consolidated companies developed as follows in the business year 2008:
Full |
Proportional |
At equity |
|
As at 1 January 2008 |
76 |
11 |
3 |
Acquisition of the Vivico Group, January 2008 |
41 |
6 |
2 |
Other acquisitions and establishments |
16 |
9 |
0 |
Sales |
– 3 |
0 |
0 |
Disposals as a result of reorganisation |
– 1 |
0 |
0 |
As at 31 December 2008 |
129 |
26 |
5 |
of which foreign companies |
108 |
23 |
4 |
In the business year 2008, the CA Immo Group acquired the following companies:
Company name/domicile |
Interest held 1) |
Purchase price |
Date of |
% |
€ 1,000 |
||
Vivico Real Estate GmbH, Frankfurt |
99.7 % |
1,036,013.40 |
01.01.2008 |
- Boulevard Süd 4 GmbH & Co. KG, Ulm |
50 % |
– |
01.01.2008 |
- Boulevard Süd 4 Verwaltungs-GmbH, Ulm |
50 % |
– |
01.01.2008 |
- Dorotheenhöfe Grundstücks-GmbH & Co. KG, Berlin |
100 % |
– |
01.01.2008 |
- Dorotheenhöfe Grundstücksverwaltungs-GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Isargärten Thalkirchen GmbH & Co. KG, Grünwald |
33.3 % |
– |
01.01.2008 |
- Isargärten Thalkirchen Verwaltungs GmbH, Grünwald |
33.3 % |
– |
01.01.2008 |
- REC Frankfurt Objekt KG, Frankfurt |
100 % |
– |
01.01.2008 |
- REC Frankfurt Objekt Verwaltungsgesellschaft mbH, Hamburg |
50 % |
– |
01.01.2008 |
- SKYGARDEN Arnulfpark GmbH & Co. KG, Grünwald |
50 % |
– |
01.01.2008 |
- SKYGARDEN Arnulfpark Verwaltungs GmbH, Grünwald |
50 % |
– |
01.01.2008 |
- VIADOR GmbH, Frankfurt |
70 % |
– |
01.01.2008 |
- Vivico Berlin Hallesches Ufer GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Lehrter Stadtquartier Verwaltungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Lehrter Stadtquartier 3 GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Lehrter Stadtquartier 4 GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Lehrter Stadtquartier 5 GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Lehrter Stadtquartier 6 GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Lehrter Stadtquartier 7 GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Lehrter Stadtquartier 8 GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Lehrter Stadtquartier 9 GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Schöneberger Ufer Beteiligungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Schöneberger Ufer GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Schöneberger Ufer Verwaltungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Unter den Linden Beteiligungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Unter den Linden GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Berlin Unter den Linden Verwaltungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Frankfurt Bauphase I GmbH & Co. KG, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Frankfurt Bauphase I Verwaltungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Frankfurt Hotel Vermietungsgesellschaft mbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Frankfurt Nord 1 Beteiligungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Frankfurt TL Hotel Verwaltungs-GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Frankfurt TL Hotel GmbH & Co. KG |
100 % |
– |
01.01.2008 |
- Vivico Frankfurt Tower185 Beteiligungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Frankfurt Tower-2-Hotelbetriebsgesellschaft , Frankfurt mbH |
100 % |
– |
01.01.2008 |
- Vivico Köln K1 GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Köln K2 GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico Köln K3 GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München HKW - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München MI 1 - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München MI 3 - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München MI 5 - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München MI 6 - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München MK 2 - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München MK 3 - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München MK 4 - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München MK 6 - Arnulfpark Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Vivico München Perlach Grundstücksverwertungs GmbH, Frankfurt |
100 % |
– |
01.01.2008 |
- Einkaufszentrum Erlenmatt AG, Basel |
50 % |
– |
01.01.2008 |
Vivico Frankfurt Nord 4 Verwaltungs GmbH, Frankfurt |
100 % |
27.5 |
01.01.2008 |
TM Immo d.o.o., Belgrade |
100 % |
27,802.5 |
31.01.2008 |
Vivico Frankfurt Tower-2-Geschäftsführungs GmbH, Frankfurt |
100 % |
27.5 |
01.03.2008 |
Vivico Frankfurt Tower-2-Verwaltungsgesellschaft mbH, Frankfurt |
100 % |
27.5 |
01.03.2008 |
Vivico Frankfurt Tower185 Verwaltungs GmbH, Frankfurt |
100 % |
27.5 |
01.03.2008 |
Vivico Frankfurt Nord 1 Verwaltungs GmbH, Frankfurt |
100 % |
27.5 |
15.04.2008 |
Tavero Enterprises Limited, Nicosia 2) |
50 % |
0.9 |
30.04.2008 |
- Kornelco Holdings Limited, Nicosia |
50 % |
– |
30.04.2008 |
- OOO BB Invest, Moskow |
50 % |
– |
30.04.2008 |
- OOO BBV, Moskow |
31.8 % |
– |
30.04.2008 |
CEREP Allermöhe GmbH, Hamburg |
99.7% |
36,044.5 |
30.06.2008 |
omniCon Verwaltungs GmbH, Dreieich 3) |
100 % |
1,052.1 |
01.07.2008 |
- omniCon Gesellschaft für Innovatives Bauen mbH, Dreieich |
100 % |
– |
01.07.2008 |
- omniPro Gesellschaft für Projektmanagement mbH, Dreieich |
100 % |
– |
01.07.2008 |
2P s.r.o., Pilsen |
100 % |
5,795.0 |
31.07.2008 |
Pannonia Shopping Center Kft., Györ |
50 % |
1,578.0 |
31.08.2008 |
Log Center d.o.o., Belgrade |
50 % |
25.9 |
16.09.2008 |
Starohorska Development s.r.o., Bratislava |
50 % |
120.2 |
15.10.2008 |
Vivico München Lokhalle Beteiligungs-GmbH, Frankfurt |
100 % |
27.5 |
20.10.2008 |
[1] The percentage interests shown relate to the valuations of interests in the relevant subgroup.
[2] Tavero Enterprises Limited holds direct and indirect interests in Kornelco Holdings Limited, OOO BB Invest and OOO BBV.
[3] OmniCon Verwaltungs GmbH holds direct interests in omniCon Gesellschaft für Innovatives Bauen mbH and omniPro Gesellschaft für Projektmanagement.
In the business year 2008, the CA Immo Group acquired 99.7 % of the shares in Vivico Real Estate GmbH, Frankfurt at Main, which acquired 100 % of the shares in the German developer omniCon during the business year amongst others. As at 31 December 2008, Vivico Real Estate GmbH, Frankfurt held interests in a total of 27 property development companies, 9 property companies, 2 service companies and 22 intermediate holding companies.
Two of the companies acquired in Eastern/South East Europe are property companies, 3 are intermediate holding companies and 4 are property development companies. The CA Immo Group also acquired a property company in Germany.
The results of the acquired companies are included in the Consolidated Financial Statements from the relevant date of acquisition. The acquisitions were carried in the Consolidated Financial Statements according to the purchase method detailed under 1.4.
The purchase price for the shares in Vivico Real Estate GmbH, Frankfurt was fixed at € 1,033,000.0K (excl. auxiliary costs) and was fully paid in with € 1,025,000.0K being paid on 15 January 2008 and € 8,000.0K on 13 October 2008. The purchase price for the other companies amounted to a further € 72,584.1K which was paid up to € 9,842.9K. The first-time consolidation of the newly acquired companies was carried out at the relevant date of acquisition.
RTW Sp. z.o.o., Warsaw was sold using 1 January 2008 as the value date. The selling price was € 19,636.0K and up to € 530.6K was paid. Hotel Management d.o.o., Ljubljana (with 1 April 2008 as the value date) was also sold at a selling price of € 175.0K along with OOO “Start-T”, Togliatti (with 1 October 2008 as the value date) which was sold at a selling price of € 0.3K.
The acquisition and sale of these companies has had the following effect on the composition of the Consolidated Financial Statements (values at the time of acquisition or sale):
|
€ 1,000 |
Vivico Group |
Other Acquisitions |
Sales |
Total |
|
Property assets |
1,107,533.8 |
224,383.9 |
– 54,830.0 |
1,277,087.7 |
|
Properties intended for trading |
222,671.3 |
6,326.2 |
0.0 |
229,015.5 |
|
Intangible assets |
31,275.3 |
0.0 |
0.0 |
31,275.3 |
|
Office furniture and equipment |
2,352.6 |
17.0 |
– 166.5 |
2,203.1 |
|
Other assets |
51,417.8 |
5,679.8 |
– 1,121.1 |
55,958.6 |
|
Cash and cash equivalents |
169,452.5 |
5,083.6 |
– 2,286.5 |
172,249.6 |
|
Deferred taxes |
– 140,108.9 |
– 3,108.0 |
2,664.6 |
– 140,552.3 |
|
Provisions |
– 52,195.3 |
– 1,544.9 |
10.5 |
– 53,729.7 |
|
Financial liabilities |
– 201,829.3 |
– 135,338.3 |
20,867.7 |
– 316,299.9 |
|
Minority interests |
– 425.4 |
– 6,570.0 |
0.0 |
– 6,995.4 |
|
Receivables/payables in respect of related companies |
0.0 |
– 13,128.4 |
17,659.5 |
4,531.1 |
|
Other liabilities |
– 150,305.8 |
– 10,333.2 |
4,343.8 |
– 156,295.2 |
|
Net assets |
1,039,838.6 |
71,467.8 |
– 12,858.1 |
1,098,448.4 |
For 2008, the gross revenues of the acquired companies amounted to € 141,739.1K from the date of acquisition (since 1 January 2008 € 145,501.2K) while income before taxes amounted to € – 64,897.5K (since 1 January 2008 € – 62,581.0K). The acquired companies are included in the consolidated balance sheet as at 31 December 2008 as assets of € 1,690,255.7K and liabilities of € 797,132.4K.
In addition, the following companies were established and consolidated for the first time in the business year 2008:
- Astrakhan Hotelinvest B.V., Hoofddorp (holding company)
- CEE Development B.V., Hoofddorp (holding company)
- Vivico Frankfurt Nord 1 Projekt GmbH & Co. KG, Frankfurt (project company)
- Vivico Frankfurt Nord 4 GmbH & Co. KG, Frankfurt (project company)
- Vivico Frankfurt Tower-2-Besitz GmbH & Co. KG, Frankfurt (project company)
- Vivico Frankfurt Tower185 Projekt GmbH & Co. KG, Frankfurt (project company)
Capital contributions to the established companies totalled € 50.0K.
The companies:
- CA Betriebsobjekte Polska Sp. z.o.o., Warsaw,
- CEE Hotel Development AG, Vienna,
- CEE Hotel Management und Beteiligungs GmbH, Vienna,
- H1 Hotelentwicklungs GmbH, Vienna,
- Larico Limited, Nicosia,
- Mahler Property Services Sp. z.o.o., Warsaw,
- OOO Business Center Maslovka, Moscow,
- OOO BBM, Moscow,
- Poleczki Business Park Sp. z.o.o., Warsaw,
- Triastron Investments Limited, Nicosia,
- Warsaw Financial Center Sp. z.o.o., Warsaw,
- Boulevard Süd 4 GmbH & Co. KG, Ulm (since 1 January 2008),
- Boulevard Süd 4 Verwaltungs-GmbH, Ulm (since 1 January 2008),
- Einkaufszentrum Erlenmatt AG, Basle (since 1 January 2008),
- REC Frankfurt Objekt Verwaltungsgesellschaft mbH, Hamburg (since 1 January 2008),
- SKYGARDEN Arnulfpark GmbH & Co. KG, Grünwald (since 1 January 2008),
- SKYGARDEN Arnulfpark Verwaltungs GmbH, Grünwald (since 1 January 2008),
- CEE Development B.V., Hoofddorp (since 12 March 2008),
- Kornelco Holdings Limited, Nicosia (since 30 April 2008),
- OOO BB Invest, Moscow (since 30 April 2008),
- OOO BBV, Moscow (since 30 April 2008),
- Tavero Enterprises Limited, Nicosia (since 30 April 2008),
- Astrakhan Hotelinvest B.V., Hoofddorp (since 13 June 2008),
- Pannonia Shopping Center Kft., Györ (since 31 August 2008),
- Log Center d.o.o., Belgrade (since 16 September 2008),
- Starohorska Development s.r.o., Bratislava (since 15 October 2008),
were included in the Consolidated Financial Statements by means of proportional consolidation with the following proportional values (50 % each) in total:
|
€ 1,000 |
31.12.2008 |
31.12.2007 |
|
Long-term assets |
161,807.2 |
123,522.1 |
|
Short-term assets |
11,008.5 |
7,056.0 |
|
Long-term liabilities |
95,397.4 |
57,982.7 |
|
Short-term liabilities |
17,504.3 |
3,832.6 |
|
Gross revenues |
7,603.2 |
7,920.6 |
|
Revaluation result according to IAS 40 |
10,039.0 |
17,546.6 |
|
Depreciation and amortisation |
– 29,895.3 |
– 366.0 |
|
Other expenses |
– 19,399.2 |
– 16,042.0 |
|
Other income |
634.0 |
2,369.0 |
Regarding the companies that are included in the consolidated financial statements at-equity, which are:
- OAO Avielen AG, St. Petersburg
- Soravia Center OÜ, Tallinn
- UBM Realitätenentwicklung AG, Vienna
- Isargärten Thalkirchen GmbH & Co. KG, Grünwald (since 1 January 2008)
- Isargärten Thalkirchen Verwaltungs GmbH, Grünwald (since 1 January 2008)
The following information regarding assets, liabilities, revenues and result is available:
|
€ 1,000 |
31.12.2008 |
31.12.2007 |
|
Long-term assets |
413,964.2 |
331,818.1 |
|
Short-term assets |
156,398.2 |
150,041.1 |
|
Long-term liabilities |
296,156.6 |
171,104.2 |
|
Short-term liabilities |
152,906.4 |
207,025.4 |
|
Gross revenues |
87,858.7 |
77,536.7 |
|
Net income for the period |
7,627.6 |
1,763.3 |
Consolidation methods
The first-time consolidation of a newly acquired subsidiary in the Consolidated Financial Statements is undertaken in accordance with the purchase method by allocating the acquisition costs to the revalued assets (especially properties) and liabilities of the subsidiary.
All group-internal transactions between companies included in the Consolidated Financial Statements by means of full and proportional consolidation and the relevant income and expenses, receivables and payables as well as intercompany gains and losses were eliminated.
If a definitive influence can be exerted on the business and financial policy of companies (associated companies), these companies are carried at equity and the proportional annual surplus/loss of the company is entered under the book value of the shares. The value of any dividends is proportionally reduced.
Foreign currency translation
Business operations in foreign currency
The individual group companies record foreign currency transactions at the mean rate of exchange ruling on the day of the relevant transaction. Monetary assets and liabilities in foreign currency existing at the balance sheet date are translated into the Group currency, the euro, at the mean rate of exchange ruling on that date. Any resulting foreign currency gains or losses are recognised in the income statement of the relevant business year.
Translation of individual financial statements denominated in foreign currency
The Group currency is the euro (EUR).
Since the euro is also the functional currency of the companies located outside the European Monetary Union in Eastern/South East Europe and included in the Consolidated Financial Statements, the financial statements prepared in foreign currency are translated in accordance with the re-measurement method. Under this method, investment property as well as monetary assets and liabilities are translated at closing rates whereas non-monetary assets are translated at historical exchange rates. Items from the income statements are translated at the average exchange rates of the relevant reporting period. Any gains and losses resulting from foreign currency translation are recognised in the income statement.
The functional currency of the subsidiary in Switzerland is the Swiss franc as the company is an economically independent unit within the context of IAS 21. Balance sheet values are translated at the valid closing rates. Only the shareholders’ equity is translated at historical exchange rates. Items from the income statements are translated at the average exchange rates of the relevant reporting period. Any gains and losses resulting from the application of the closing rate method are not recognised in the income statement and are reported under shareholders’ equity in the reserve from foreign currency translation.
The foreign currency translation was based on the following rates of exchange:
|
Croatia |
Hungary |
Slovakia |
Czech Rep. |
Poland |
Romania |
Bulgaria |
Cyprus 1) |
|
|
HRK |
HUF |
SKK |
CZK |
PLN |
RON |
BGN |
CYP |
|
|
Closing rate 31.12.2008 |
7.3990 |
265.5500 |
30.1260 |
26.5000 |
4.1880 |
4.0300 |
1.9550 |
– |
|
Average exchange rate 2008 |
7.2300 |
251.1000 |
31.1743 |
24.9875 |
3.5355 |
3.7075 |
1.9528 |
– |
|
Closing rate 31.12.2007 |
7.3400 |
253.2500 |
33.6500 |
26.6150 |
3.5950 |
3.5900 |
1.9500 |
0.5853 |
|
Average exchange rate 2007 |
7.3440 |
251.9083 |
33.8375 |
27.7879 |
3.7773 |
3.3493 |
1.9563 |
0.5572 |
|
Russia |
Serbien |
Switzerland |
CHF |
USD |
|||
|
RUB |
RSD |
CHF |
Selling |
Buying |
Selling |
Buying |
|
|
Closing rate 31.12.2008 |
41.4500 |
89.3000 |
1.4932 |
1.4996 |
1.4868 |
1.4140 |
1.4040 |
|
Average exchange rate 2008 |
36.7831 |
81.7625 |
1.5810 |
||||
|
Closing rate 31.12.2007 |
35.9000 |
79.8000 |
– |
1.6649 |
1.6521 |
1.4780 |
1.4680 |
|
Average exchange rate 2007 |
35.1147 |
79.9000 |
– |
||||
[1] Introduction of Euro as at 1 January 2008
Accounting and valuation principles
Application of new accounting and valuation methods
All compulsory amendments to existing IASs and IFRSs and IFRIC and SIC interpretations as well as all new IFRSs and IFRICs to be applied in the European Union (EU) as at 31 December 2008 were taken into account in the preparation of the Consolidated Financial Statements. In the business year 2008, the following standards were applied for the first time: IFRIC 11 (IFRS 2 – Group and Treasury Share Transactions), IFRIC 14 (IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction) and IAS 39/IFRS 7 (Amendment to IAS 39 and IFRS 7).
Amendments to existing, or new, standards and interpretations which were issued prior to 31 December 2008 for application within the EU but have not yet become effective, were not applied earlier on a voluntary basis. Such amendments apply to the following as at 31 December 2008: all amendments made to IFRS standards in 2008, IFRS 1/IAS 27 (Amendments to Cost of an Investment in a Subsidiary), IFRS 2 (Amendment Vesting Conditions and Cancellations), IFRS 8 (Operating Segments), IAS 1 (Amendment to Presentation of Financial Statements), IAS 23 (Amendment to Borrowing Costs), IAS 32/IAS 1 (Amendments to Puttable FI and Obligations Arising on Liquidation) and IFRIC 13 (Customer Loyalty Programmes).
Other standards which have however not yet been adopted by the EU as at 31 December 2008 include the following: IFRS 1 (Revised IFRS 1 First Time Adoption of IFRS), IFRS 3 (Business Combinations), IAS 27 (Consolidated and Separate Financial Statements), IAS 39 (Amendment Eligible hedged items), IAS 39/IFRS 7 (Amendment Reclassification of Financial Assets: Effective Date and Transition), IFRIC 12 (Service Concession Arrangements), IFRIC 15 (Agreements for the Construction of Real Estate), IFRIC 16 (Hedges of a Net Investment in a Foreign Operation) and IFRIC 17 (Distributions of Non-cash Assets to Owners).
Owing to the revision of IAS 40, projects which at present are still assessed at net acquisition and production costs will in future be valued at fair value.
Apart from that, the amendments listed are unlikely to have any material consequences on the presentation of the Group’s asset, financial and earnings position.
Change of accounting and valuation principles for the preceding period
In accordance with IAS 8, a retrospective adjustment was made during the second half of 2007 on account of the change of accounting method, based on the statement by the Austrian Financial Reporting and Auditing Committee (AFRAC) published on 18 September 2007. As already presented in the Consolidated Financial Statements as at 31 December 2007, in the opening balance sheet as at 1 January 2006, a deferred tax in the amount of € 8,989.9K was written off and the retained earnings were adjusted accordingly. However, this does not affect the Consolidated Income Statement for 2007 and 2008.
Properties held as financial investments
Properties held as financial investments are carried as financial investments in accordance with the Fair Value method specified as an option under IAS 40. Thus the property asset is carried at the fair value as at the balance sheet date. Changes to the current book value before revaluation (fair value from the previous year plus subsequent/additional acquisition costs minus subsequent reductions in the acquisition price) are recognised in the income statement in the revaluation result. For further details, see Long-term property assets and other tangible assets
Properties under development, properties own used and other tangible assets
Properties under development, properties own used and other tangible assets are valued in accordance with the acquisition cost method, i. e. at acquisition or production costs less regular depreciation and value impairment costs. Investment grants are recognised as reductions of acquisition costs if a binding agreement exists. Financing costs in the construction of properties are capitalised at acquisition and production costs if the financing can be attributed directly to the property. In the case of projects, in the business year 2008, total financing costs in the amount of € 4,434.8K (weighted average interest rate of 4.80 %) were capitalised while in the business year 2007, total financing costs in the amount of € 422.9K (weighted average interest rate of 6.98 %) were capitalised.
Regular depreciation of other tangible assets is done on a straight-line basis over their estimated useful lives of 5 to 10 years or, in the case of properties for own use, 10 to 75 years using the component approach.
As office furniture and equipment was included in the valuation reports for properties let, the book values as at 31 December 2008 were reclassified at a value of € 3,528.1K as property assets.
Intangible assets
Intangible assets are carried in the balance sheet at acquisition cost less straight-line amortisation and value impairment costs. For the amortisation of computer software, a useful life of 3 to 5 years was assumed.
The balance sheet item “Other intangible assets” is the difference between the distribution of acquisition costs over the relevant fair values of the properties acquired and the relevant deferred tax liabilities not discounted in accordance with IAS 12. It represents the benefit resulting from the subsequent maturity of the deferred tax liabilities and is carried in the tax expense subject to maturity.
Financial assets
Securities held as short-term assets are subject to common management and are assigned to the category “At fair value through profit and loss” as the portfolio is taxed on the basis of its relevant fair value. Securities from long-term and short-term assets are valued at fair value at the time of purchase and are recognised as income in subsequent periods at the relevant fair values resulting from the relevant stock market quotations. The result of the market valuation is recognised in the income statement under the result from financial investments. Purchases and sales are recognised at the trading date.
Loans granted by the company and pre-payments in respect of investments in properties (held-to-maturity) are carried at amortised cost.
Stakes in associated companies are valued at equity. Changes in the equity capital of associated companies recognised in the income statement are taken into account in the income statement under income from associated companies. Changes in the equity capital not recognised in the income statement are included in the reserve for associated companies.
Properties intended for trading
Properties intended for trading as part of the ordinary course of business and properties under development or construction for the purpose of such a sale are recognised as stock in accordance with IAS 2.
In contrast to the classification of property assets in accordance with IAS 40, properties are shown as being intended for trading if the relevant property is intended to be sold during the ordinary course of business or is being constructed with a view to selling it at a later date during the ordinary course of business.
The properties are first valued at acquisition or production cost. Thereafter they are valued at the lower of acquisition or production cost and net realisable value as of the relevant balance sheet date.
The net sale value is the estimated sales revenue attainable in the normal course of business less the estimated costs to completion and the estimated necessary selling costs.
The need to write stocks down to the net realisable value is examined separately for each individual property. The net realisable value of the properties classified as stock is estimated based on market value reports and internal valuations.
If the conditions that previously caused write-downs to the net selling price no longer exist due to changes in circumstances, then the write-down is reversed up to the historic acquisition and production cost as a maximum. In the business year 2008, no reversal of write-downs was carried out. See Long-term property assets and other tangible assets for explanatory notes.
Financing costs in the construction of properties intended for trading too are capitalised at acquisition and production costs if the financing can be attributed directly to the property. In the case of properties intended for trading, in the business year 2008, total financing costs in the amount of € 178.5K (weighted average interest rate 3.96 %) were capitalised (2007: € 0.0K).
Impairment losses (value impairments)
If signs of a value impairment are evident, the CA Immo Group determines the recoverable amount for properties under development, other tangible assets and intangible assets. The recoverable amount is the higher of the fair value less the cost of selling (net selling price) and the value in use.
The fair value is equivalent to the proceeds attainable through the sale of an asset in a single transaction under market conditions between competent, willing and mutually independent parties.
The value in use is the cash value of the expected future cash flows that are likely to be generated by the continued use of an asset and its retirement at the end of its useful life. If the recoverable amount is lower than the carrying value of the asset, the asset is written down to this value.
The calculated impairment loss is recognised in the income statement. In the business year 2008, an impairment loss on long-term assets in the amount of € 93,023.3K (2007: € 2,383.3K) was recognised. For details, see Long-term property assets and other tangible assets and 2.1.7. A write-down of € 14,446.0K (2007: € 0.0K) was carried out for properties intended for trading.
If at a later date a value impairment ceases to exist, the impairment loss which is recognised in the income statement is reversed up to the carrying amount of the amortised original acquisition or production cost as a maximum. In the business year 2008, no impairment losses were reversed for either the long-term or the short-term property assets (2007: € 0.0K).
Receivables and other assets
Receivables and other assets are stated at amortised acquisition cost. Recognisable individual risks are considered by means of appropriate value adjustments.
Order completion
Contracts for the provision of services directly connected with the completion of an asset are carried in accordance with IAS 11 and – if requirements apply – under trade debtors.
Within the context of the profit realisation method to be used (“percentage of completion method”), order income and order costs in connection with order completion are recognised according to the progress of performance as at the balance sheet date. Losses expected in connection with the completion order are included immediately as expenditure.
The accrued costs of order completion for projects in progress as of the balance sheet date stand at € 1,137.7K. The accrued costs of order completion are counteracted by down payments received of € 1,137.7K. Profits entered according to work performed amount to € 18.9K. There are no retentions.
Cash and cash equivalents
Cash and cash equivalents include cash, sight deposits with banks as well as investments with banks with a term of up to three months at the time of investment.
Payment obligations to employees
In accordance with legal requirements, CA Immo AG is obliged to pay employees taken on in Austria before 1 January 2003 a one-off severance payment in the event of termination or on reaching retirement age. This will depend on the number of years of service and the definitive salary in respect of severance and will be between two and twelve months’ salary. A provision has been made to cover this obligation. The reserve carried is calculated in the same way as it was calculated last year in accordance with IAS 19 using the Projected Unit Credit method based on an interest rate of 5.75 % (2007: 5.25 %), salary increases of 2.0 % expected in the future, 2.0 % inflation expected and an accumulation period of 25 years. All actuarial gains and losses are recognised in the income statement in the year they occur.
The CA Immo Group has the legal obligation to pay 1.53 % of the monthly salary of all domestic staff employed after 31 December 2002 into a staff provision fund. There are no other obligations. This scheme is a defined contribution plan. In 2008, an amount of € 75.0K (2007: € 54.0K) was paid in and recognised immediately in the income statement.
Based on an agreement with a pension fund in Austria and with a support fund for medium-sized companies in Germany, there is a defined contribution pension obligation in respect of employees in Austria and Germany who have worked a certain number of years of service. In the year under report, an amount of € 235.5K (2007: € 151.2K) was paid in and recognised in the income statement.
In addition, the managing directors of Vivico Real Estate GmbH of Frankfurt are entitled to defined pension commitments reinsured with insurance agreements. The cash value of the commitment is determined using the projected unit credit method. In view of the full financing with plan assets, no balance sheet entry is made where IAS 19 is applied, i.e. the balance sheet entry for this defined pension scheme is the same as the entry for a defined contribution plan. Since a single premium was paid in 2006, no pension plan reinsurance payments were made in business year 2008.
Other provisions
Other provisions are stated if the CA Immo Group has legal or actual payment obligations towards third parties due to a past event and if this obligation is likely to lead to an outflow of funds. Such provisions are stated at the value which can be determined through the best possible estimate at the time of preparation of this Annual Report. If a reasonable estimate of the amount is not possible, a provision is not set up and an explanation of the facts must be given in the Notes. If the cash value of the provisions determined on the basis of prevailing market interest rates differs substantially from the nominal value, the cash value of the obligation is stated.
Taxes
The income tax expense reported for the business year contains the income tax of the individual subsidiaries calculated from their taxable income, the tax rate applicable in the relevant country (“current tax”), the change in deferred taxes recognised in the income statement as well as tax expenses resulting from equity capital postings not recognised in the income statement (e.g. taxes concerning issuing costs of capital increases and the valuation of own shares) and the amortisation of the item “Other intangible assets”.
In accordance with IAS 12, all temporary differences between tax accounts and Consolidated Balance Sheet are considered in the calculation of deferred taxes. Deferred taxes on losses carried forward are capitalised to the extent that such losses carried forward are likely to be netted against future tax profits within the next 5 to 7 years.
For the calculation of deferred taxes, the tax rates expected to apply at the time of reversing the temporary difference are used. The calculation of deferred taxes was based on the following tax rates: Austria 25 % (2007: 25 %), Bulgaria 10 % (2007: 10 %), Germany 15.825 % to 31.925 % (2007: 15.825 %), Croatia 20 % (2007: 20 %), Luxemburg 29.63 % (2007: 29.63 %), the Netherlands 20 % (2007: 20 % to 25.5 %), Poland 19 % (2007: 19 %), Romania 16 % (2007: 16 %), Russia 24 % (2007: 24 %), Serbia 10 % (2007: 10 %), Slovakia 19 % (2007: 19 %), Slovenia 20 % (2007: 20 %), the Czech Republic 19 % (2007: 19 %), Hungary 16 % (2007: 16 %), Cyprus 10 % (2007: 10 %) and Switzerland 29.92 %.
The following applies to property:
Tax on profits is basically payable in respect of property in Austria, Germany and Switzerland on both the rental income from the relevant property and profits from the sale of the property (as an individual asset or if the property company is sold). Therefore deferred taxes are carried in full for these properties.
Deferred taxes relating to the properties of companies in Eastern/South East Europe are only carried to the extent of the tax expenses associated with the letting and sale of these properties. While tax on profits is basically payable on the rental income from foreign properties in the relevant country, profits from the sale of stakes in foreign companies are exempt from corporation tax if certain requirements are met. It is the intention of the CA Immo Group to meet these requirements. Therefore with regard to properties in Eastern/South East Europe, the extent of the deferred taxes carried is oriented towards the average period of time during which the properties are expected to be held and also the ratio between taxable and tax-exempt refluxes from investments in properties. The expected value is brought up-to-date at each balance- sheet date. Up to 31 December 2005, this tax expense was classified as insignificant and so only low tax deferrals were made for this. In the business year 2006, the provision for deferred tax liabilities was adjusted in line with the current estimated period of time for holding properties in view of the increasing number of properties and the continued increase in fair values. In the business year 2008, another review took place and the estimated period of time for holding properties was adjusted accordingly which gave rise to a provision for income taxes in respect of property transactions in Eastern/South East Europe in the amount of € 36,923.3K.
As at 31 December 2008, the deferred tax liabilities relating to properties located in Austria and abroad (held long-term and intended for trading) amount to € 203,744.5K (31 December 2007: € 106,872.3K).
In the business year 2005, a group and tax compensation agreement was concluded in Austria for the formation of a group of companies within the meaning of Section 9 of the Austrian Corporation Tax Act (KStG) with effectiveness from the business year 2005. In the business year 2007, an agreement on amendments and supplements to the group and tax compensation agreement was concluded between CA Immobilien Anlagen Aktiengesellschaft and CA Immo International AG as well as CA Immo Investment Management GmbH. The head of the group is CA Immobilien Anlagen Aktiengesellschaft, Vienna. The following companies are members of the group in 2008:
- CA Immo Anlagen Beteiligungs GmbH, Vienna
- CA Immo International AG, Vienna
- CA Immo International Holding GmbH, Vienna
- CA Immo ProjektentwicklungsgmbH, Vienna
- CA Immo Rennweg 16 GmbH, Vienna
- CA Immo - RI - Residential Property Holding GmbH, Vienna
- MI Immobilienverwertungs-Gesellschaft m.b.H, Vienna
- CA Immo Asset Management GmbH, Vienna (from 2006)
- CA Immo BIP Liegenschaftsverwaltung GmbH, Vienna (from 2006)
- CA Immo Galleria Liegenschaftsverwaltung GmbH, Vienna (from 2006)
- CA Immo Investment Management GmbH, Vienna (from 2006)
- SQUARE S Holding GmbH, Vienna (from 2006)
- BIL-S Superädifikatsverwaltungs GmbH, Vienna (from 2007)
- CA Immo International Beteiligungsverwaltungs GmbH, Vienna (from 2007)
- CA Immo Germany Holding GmbH, Vienna (from 2008)
- CA Immo LP GmbH, Vienna (from 2008)
- Parkring 10 Immobilien GmbH, Vienna (from 2008)
The Vivico Group which was consolidated for the first time on 1 January 2008 formed tax groups for corporation tax and trade tax with effect from the business year 2005 in accordance with German law. The parent company is Vivico Real Estate GmbH, Frankfurt. The members of the tax group which concluded profit-pooling contracts with Vivico Real Estate GmbH included the following:
- Vivico Bauphase I VerwaltungsGmbH, Frankfurt
- Vivico TL Hotel Verwaltungs GmbH, Frankfurt
- Vivico Unter den Linden Verwaltungs GmbH, Frankfurt
- Vivico Schöneberger Ufer Verwaltungs GmbH, Frankfurt
- Vivico Unter den Linden Beteiligungs GmbH, Frankfurt
- Vivico Schöneberger Ufer Beteiligungs GmbH, Frankfurt
- Vivico München MK 2 Arnulfpark Grundstücksverwertungs GmbH, Frankfurt
- Vivico München MK 6 Arnulfpark Grundstücksverwertungs GmbH, Frankfurt
- Vivico Köln K1 GmbH, Frankfurt
- Vivico Köln K2 GmbH, Frankfurt
- Vivico Köln K3 GmbH, Frankfurt
Under the profit-pooling contracts, the members of the tax groups are obliged to pay over all their profits (the profit for the financial year before profit-pooling less any loss carried forward from the previous year – subject to the formation or release of reserves) to the parent company. Vivico Real Estate GmbH, Frankfurt is obliged to compensate for any other annual deficits incurred during the term of the contract as long as this is not done by taking amounts put in during the term of the contract from the other appropriated reserves.
Financial liabilities
Financial liabilities are stated at the amount actually received. Any difference between the amount received and the repayment amount is allocated over the term of the financing according to the effective interest rate method and recognised under financing costs.
Trade creditors and other liabilities
Trade creditors and other liabilities are measured at amortised acquisition cost.
Derivative financial instruments
The CA Immo Group uses interest rate caps in order to reduce risks which may result from interest rate hikes. The CA Immo Group also uses interest rate swaps in order to manage the risk of interest rate fluctuations. The Group does not use any financial instruments for trading purposes. Swaps without underlying transactions were noted on the balance sheet key date (see also Financial instruments). Interest rate caps and interest rate swaps are stated in the balance sheet at fair value. This corresponds to the value which the Group would receive or pay upon liquidation of the deal at the balance sheet date.
Realised and unrealised valuation results from derivative financial instruments are recognised in the financial result under the result from derivative transactions unless the financial instruments are cash flow hedges. Valuation results of cash flow hedges are recognised under equity capital with no effect on profit or loss.
Recognition of revenues
Rental income is recognised on the basis of the lease contracts.
With regard to the entry of gross revenues for property transactions, it is obligatory in accordance with IAS 18 to break down contracts into individual services if significantly different services have been agreed within a contract (multi-component activity). A multi-component activity exists if a contract contains a number of complementary but different individual services, e. g. a service-related activity as well as a sales-related activity. The various components of a contract lead to the realisation of separate income if it is possible to separate them in terms of both content and value. In such cases, the contractually agreed purchase price will be broken down into the purchase price for the property and the purchase price for the services still to be provided. The purchase price for the property is recognised according to the criteria for income realisation in connection with sales. Income for services (development services or other services) is realised based on the progress of performance. The share of the purchase price which is attributable to the income not yet realised is shown on the liabilities side under other liabilities (prepayment received) until the time of realisation. If the services are provided in subsequent business years, the prepayment received will be accumulated until the date on which the services are provided.
Income from services (completion orders) is entered – under consideration of IAS 11 – according to the extent of the services provided as at the balance sheet date using the “percentage of completion method” based on the relevant progress of performance. In order to determine the progress of performance of the individual completion order, the ratio between the order costs incurred up to the value date and the estimated total order costs as at the value date is determined.
Financial result
Financing costs comprise interest payable for external funds, expenses similar to interest as well as results from hedging transactions. Interest is deferred over time.
Foreign currency gains/losses which primarily arise in connection with financing and investment are shown separately in the financial result.
Results from derivative transactions include profits and losses from the sale or valuation of interest rate swaps and interest rate caps unless these transactions are cash flow hedges which are recognised under equity capital with no effect on profit or loss.
Results from financial investments include interest, dividends and similar income from the investment of funds and investments in financial assets as well as profits and losses from the sale of securities and the valuation of securities as at the balance sheet date.
The expenses from financial assets refer to the valuation of loans and pre-payments on investments in properties.
The result from investment in associates encompasses the individual results of companies valued at equity.