Financials - Deutsche EuroShop

0 5 10 15 20 25 30
Net asset value in €
2011
2010
2009
2008
2007
* EPRA NAV
27.64 *
26.36 *
26.63
27.43
26.91
EPRA also recommends that an EPRA NNNAV (triple NAV) be calculated,
which roughly corresponds to the liquidation value of the
company. This adjusts the EPRA NAV to take account of hidden liabilities
or undisclosed reserves resulting from the market valuation of
bank loans and overdrafts, as well as deferred taxes. As of 31 December
2011, the EPRA NNNAV amounted to € 1,153.6 million, compared
with € 1,140.4 million in the previous year. This resulted in an EPRA
NNNAV per share of € 22.35, compared with € 22.09 in the previous
year, an increase of 1.2%. The reason for this considerably lower increase
compared with that of the EPRA NAV (+4.9%) is the decline in
capital market interest rates, as a result of which the hidden liabilities
resulting from bank loans and overdrafts have increased significantly.
€ thousand 31.12.2011 31.12.2010
EPRA NAV 1,427,289 1,361,102
Negative swap values
Negative present value of bank loans
-35,028 -18,623
and overdrafts -55,685 -33,533
Total deferred taxes -182,589 -168,554
EPRA NNNAV 1,153,589 1,140,391
EPRA NNNAV per share 22.35 € 22.09 €
overall comment by the executive board
on the economic situation
The past financial year again confirmed the Deutsche EuroShop Group’s
good position. We have again managed to exceed our original forecasts,
despite a changed tax framework.
environment
Climate protection is one of the most important issues for Deutsche
EuroShop. We believe that sustainability and profitability, the shopping
experience and environmental awareness are not opposing forces.
Long-term thinking is part of our strategy. This includes playing our
part in environmental protection.
In 2011, all our German shopping centers
had contracts with suppliers that
use regenerative energy sources such as
hydroelectric power for their electricity needs. The “EnergieVision”
organisation certified the green electricity for our centers in Germany
with the renowned “ok-power” accreditation in 2011. We plan to
switch the centers in other countries to green electricity as well in the
next few years.
The German centers used a total of around 59.4 million kWh of green
electricity in 2011. This represented 100% of the electricity requirements
in these shopping centers, which also used 1.1 kWh less than in
the previous year. As a result, based on conservative calculations this
meant a reduction of around 23,400 tonnes in carbon dioxide emissions
– this equates to the annual CO 2 emissions of around 1,060 twoperson
households. We have already reduced the energy consumption
of our shopping centers by using heat exchangers and energy-saving
light bulbs.
Deutsche EuroShop, through its shopping centers, also supports a
range of activities at local and regional level in the areas of ecology,
society and economy.
reports not inCluded
A research and development (R&D) report is not required as part of
the Management Report because Deutsche EuroShop does not need or
pursue any research and development in line with its original business
purpose.
The Company’s business purpose, which is to manage assets, does not
require procurement in the traditional sense. For this reason, this topic
is not covered by a separate section of the Management Report.
At the reporting date Deutsche EuroShop AG employed only five people
and therefore did not prepare a separate human resources report.
Des Annual Report 2011 17