Solución con el módulo estéreo de cámaras Imaging

IMMoFInAnZ Group recorded sound development during 2010/11, with net profit rising 60% year- on-year to teuR 313,529.3.

A condensed version of IMMoFInAnZ Group’s income statement for the 2010/11 and 2009/10 financial years is presented in the following table:

Amounts in TEuR 01 May 2010–

30 April 2011

01 May 2009– 30 April 2010 (adjusted)

Absolute change Change in %

Income from asset management 440,779.0 438,192.6 2,586.4 0.6%

Income from property sales 53,770.3 30,792.3 22,978.0 74.6%

Income from property development 44,609.1 -19,365.1 63,974.2 n/a

Results of operations 458,717.2 364,901.2 93,816.0 25.7%

other revaluation results -34,656.2 -183,758.8 149,102.6 n/a

Operating profit (EBIT) 424,061.0 181,142.4 242,918.6 134.1%

Financial results -81,769.4 27,078.9 -108,848.3 n/a

Earnings before tax (EBT) 342,291.6 208,221.3 134,070.3 64.4%

Net profit for the period 313,529.3 195,568.4 117,960.9 60.3%

Income from asset management comprises rental income, other revenues, operating income and operating costs as well as real estate expenses. Rental income rose by a substantial 6.9% from teuR 541,710.7 in 2009/10 to teuR 578,857.3, but income from asset management increased by only a moderate amount from teuR 438,192.6 to teuR 440,779.0. this more moderate develop- ment reflected a sizeable increase in real estate expenses as the result of higher maintenance costs, above all for properties in Austria.

Income from property sales increased from teuR 30,792.3 in 2009/10 to teuR 53,770.3. Most of these properties are located in Austria and Germany.

Income from property development improved from teuR -19,365.1 in the previous year to teuR 44,609.1 in 20010/11. Most of the properties sold represent apartments Austria and poland.

An increase was also recorded in other operating income, which rose from teuR 52,701.6 to teuR 69,245.0. Income from operations grew by 21.1% from teuR 502,321.4 to teuR 608,403.4. Despite an increase of teuR 12,266.0 in overhead expenses and personnel costs, results of opera- tions improved significantly from teuR 364,901.2 to teuR 458,717.2.

other valuation results improved from teuR -183,758.8 in 2009/10 to teuR -34,656.2. this shift reflected the recovery on real estate and investment markets, especially in Central and eastern europe.

Increase in income from property development

94 GRoup MAnAGeMent RepoRt – eARnInGs, BAlAnCe sheet AnD CAsh FloW AnAlYsIs

the above-mentioned factors led to a clear improvement in eBIt during the reporting year: eBIt amounted to teuR 181,142.4 in 2009/10, but more than doubled to teuR 424,061.0 in 2010/11. Financial results – which were positive at teuR 27,078.9 in 2009/10, above all due to foreign exchange effects of teuR 161,995.7 – totalled teuR -81,769.4 for the reporting year. eBt rose by more than 64% from teuR 208,221.3 to teuR 342,291.6.

net profit of teuR 195,568.4 recorded by IMMoFInAnZ Group in 2009/10 was influenced by nega- tive valuation results and positive financial results. the above-mentioned notable improvement in valuation results during 2010/11 supported a 60.3% increase in net profit to teuR 313,529.3 for the reporting year.

BAlANCE SHEET

the balance sheet total of IMMoFInAnZ Group amounted to teuR 11,755,926.6 as of 30/04/2011 and reflects a decline of 0.2% in comparison with the prior year (teuR 11,774,381.9).

A condensed version of IMMoFInAnZ Group’s balance sheet as of 30/04/2011 and 30/04/2010 is presented in the following table:

Amounts in TEuR 30 April 2011 in % 30 April 2010

(adjusted) in % Change in % points Investment property 8,670,084.6 80.7% 8,639,980.3 77.4% 3.3%

property under construction 299,646.5 179,864.6

Inventories 214,482.4 252,308.5

non-current assets held for sale 304,585.7 44,759.5

other financial assets 288,855.5

3.4% 414,589.9 4.5% -1.1%

Investments in associated companies 105,750.4 115,722.2

trade and other receivables 1,053,041.6 9.0% 1,311,251.8 11.1% -2.2%

other tangible assets 23,873.6 0.2% 21,947.2 0.2% 0.0%

Intangible assets 208,110.2 1.8% 211,819.3 1.8% 0.0%

Deferred tax assets1 _{61,862.4 0.5% 76,735.9 0.7% -0.1%}

Cash and cash equivalents 525,633.7 4.5% 505,402.7 4.3% 0.2%

Assets 11,755,926.6 100.0% 11,774,381.9 100.0% 0.0%

Equity 5,170,111.3 44.0% 5,157,433.3 43.8% 0.2%

liabilities from convertible bonds3 _{981,092.3 8.3% 1,035,139.9 8.8% -0.4%}

Financial liabilities 4,329,182.6 36.8% 4,406,428.4 37.4% -0.6%

trade and other liabilities3 _{577,525.6 4.9% 603,845.2 5.1% -0.2%}

provisions 150,237.6 1.3% 150,212.7 1.3% 0.0%

Deferred tax liabilities1, 2 _{471,301.1 4.0% 421,322.4 3.6% 0.4%}

liabilities held for sale 76,476.1 0.7% 0.0 0.0% 0.7%

Equity and liabilities 11,755,926.6 100.0% 11,774,381.9 100.0% 0.0%

1 _{In connection with initial consolidations, deferred tax assets were reduced through impairment losses in prior years because of uncertain use at the Group level. Deferred tax liabili-}

ties were recognised for all revaluations in subsequent years, without any adjustment of the deferred tax assets. The application of IaS 8 led to an increase of eUR 284.6 million in profit carried forward and a reduction of the same amount in deferred tax liabilities.

2 _{additional deferred tax assets and deferred tax liabilities totalling eUR 189.2 million were offset as of 30/04/2010 in accordance with IaS 12.74f.}

3 _{The derivative component of the convertible bonds is not valued separately and is therefore included under liabilities from convertible bonds. Consequently, eUR 50.0 million was}

reclassified from other liabilities to liabilities from convertible bonds for the comparative period ending on 30/04/2010.

Upward trend: solid increase in EBIT during 2010/11

Significant improvement in valuation results

the balance sheet positions investment property, property under construction, inventories and non- current assets held for sale represent 80.7% or teuR 9,488,799.2 of total assets (30/04/2010: 77.4% or teuR 9,116,912.9). IMMoFInAnZ Group was able to increase these assets by 3.3 percentage points

in relation to the previous year.

Investments in associated companies and other financial assets declined from teuR 530,312.1 to teuR 394,605.9, or by 25.6%, following the sale of shares in funds.

non-current and current trade and other receivables declined from teuR 1,311,251.8 to teuR 1,053,041.6, or by 19.7% in year-on year comparison, above all due to the settlement of the “Berlin contracts“.

Group equity rose by 0.2% from teuR 5,157,433.3 to teuR 5,170,111.3 despite the negative effect of the share buyback programme (net presentation of treasury shares teuR -302,615.3). the carrying amount per share rose by 11.8% from euR 4.90 to euR 5.48.

liabilities from convertible bonds decreased from teuR 1,035,139.9 as of 30/04/2010 to teuR 981,092.3 at the end of the reporting year. the amount outstanding was increased by the issue of the 2018 convertible bond, but reduced by the repurchase or redemption of convertible bonds by IMMoFInAnZ AG and by conversions in 2010/11.

Group liabilities declined by a slight 0.5% from teuR 6,616,948.6 as of 30/04/2010 to teuR 6,585,815.3. the weighted average interest rate on the major financial liabilities, including liabilities from convert- ible bonds, was 3.09% at the end of 2010/11. Including the cost of derivative financial instruments, the weighted average interest rate on these major financial liabilities equalled 3.47%.

Deferred tax assets rose by 11.9% from teuR 421,322.4 to teuR 471,301.1, above all due to positive revaluation results.

CASH FlOW

A condensed version of IMMoFInAnZ Group’s cash flow statement for the 2010/11 and 2009/10 financial years is shown in the following table:

Amounts in TEuR 01 May 2010–

30 April 2011

01 May 2009– 30 April 2010

earnings before tax 342,291.6 208,221.3

Revaluation/impairment losses/recognition of gains on bargain

purchases -80,342.3 316,809.9

Gains/(losses) from associated companies -1,279.5 19,345.9

Gains/(losses) from the disposal of non-controlling interests 1,245.8 5,725.3

temporary changes in the market value of financial instruments -39,491.9 -191,298.8

Income taxes paid -11,064.0 -5,163.1

net financing costs 147,963.2 124,777.8

Gains on the change in investments -2,952.4 -7,748.8

other non-cash income/(expense) 7,450.4 -83,216.5

Gross cash flow 363,820.9 387,453.0

Cash flow from operating activities 317,018.5 401,730.0

Cash flow from investing activities 173,411.9 -242,447.1

Cash flow from financing activities -445,153.6 -305,504.6

Change in cash and cash equivalents 30,594.1 -178,109.9

Cash and cash equivalents at the beginning of the period 536,653.0 714,762.9

Cash and cash equivalents at the end of the period 567,247.1 536,653.0

Change in cash and cash equivalents 30,594.1 -178,109.9

Gross cash flow fell by 6.1% year-on-year from teuR 387,453.0 to teuR 363,820.9.

Cash flow from operating activities declined 21.1% from teuR 401,730.0 in the previous year to teuR 317,018.5.

Due to the positive results of property revaluations, gross cash flow of teuR 363,820.9 was only teuR 21,529.3 higher than net profit for the year before tax. Cash flow from operating activities of teuR 317,018.5 for 2010/11 was 21.1% below the prior year level of teuR 401,730.0, above all due

to the comparatively high use of provisions.

Cash flow from investing activities increased from teuR -242,447.1 in the previous year to teuR 173,411.9. this growth reflects the positive effects from the purchase of property companies and, in particular, a decline in the acquisition of investment properties and the increased sale of non-core assets.

Cash flow from financing activities consists primarily of additions to and reductions in financial lia- bilities and convertible bonds and totalled teuR -445,153.6 in 2010/11 (2009/10: teuR -305,504.6). Cash and cash equivalents rose by 5.7% over the level on 30/04/2010 to teuR 567,247.1.

KEY DATA

the following table provides a summary of key data on the balance sheet, financial and earnings position of IMMoFInAnZ Group:

30 April 2011 30 April 2010

Return on sales 1 _{55.6% 25.2%}

Return on equity2 _{6.1% 1.6%}

Return on investment3 _{3.6% 1.5%}

net debt in MeuR4 _{4,784.6 4,936.2}

equity ratio5 _{44.0% 43.8%}

Gearing6 _{92.5% 95.7%}

net asset value (diluted) per share in euR 7 _{5.36 4.78}

1 _{eBIT/Revenues}

2 _{net profit after non-controlling interests /equity}

(excl. non-controlling interests)

3 _{eBIT/Total assets}

4 _{Liabilities arising from convertible bonds plus non-current and current}

financial liabilities – cash and cash equivalents

5 _{equity/Total capital employed} 6 _{net debt/equity}

7 _{See section 4.10 of the notes for calculation method}

the key data in the above table showed sound development during the reporting year. this is under- scored by a comparison with 2009/010: the return on sales rose by 30.4 percentage points to 55.6%. Further significant improvements were recorded in the return on equity and the return on investment, which doubled to 6.1% and 3.6%, respectively.

net debt declined slightly from MeuR 4,936.2 as of 30/04/2010 to MeuR 4,784.6.

the development of both the equity ratio and gearing was positive: the equity ratio increased slightly from 43.8% to 44.0%. In addition, gearing declined from 95.7% to 92.5%.

the improvement in nAV represents a major success for the reporting year. this indicator rose from euR 4.78 to euR 5.36 per share, which reflects a year-on-year increase of 12.1%.

98 GRoup MAnAGeMent RepoRt – sustAInABIlItY