Financials - Deutsche EuroShop
Financials - Deutsche EuroShop
Financials - Deutsche EuroShop
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3. INvESTMENT pROpERTIES<br />
Investment properties<br />
in € thousand<br />
2011 2010<br />
Carrying amount at 1 January 2,700,697 1,990,980<br />
Additions 77,067 77,956<br />
Additions to basis of consolidation 274,767 600,323<br />
Unrealised changes in fair value 54,301 31,333<br />
Reclassifications – 105<br />
Carrying amount at 31 December 3,106,832 2,700,697<br />
The presentation of the development of investment properties was changed in regard to additions/investments.<br />
The properties are secured by mortgages. There are land charges in the amount of € 1,472,149 thousand. (previous year: € 1,288,156 thousand).<br />
The rental income of the properties valued in accordance with IAS 40 was € 189,975 thousand (previous year: € 144,189 thousand). Directly<br />
associated operating expenses were € 18,333 thousand (previous year: € 15,212 thousand).<br />
The additions include investments in expansion measures in Dresden, Wildau and Sulzbach and ongoing investments in portfolio properties.<br />
The Billstedt-Center (acquired 1 January 2011) and the Allee-Center Magdeburg (acquired 1 October 2011) were recognised for the first time<br />
in the reporting year, at fair value, and represent additions to the scope of consolidation.<br />
Unrealised changes in market value relate to appreciation and depreciation in accordance with IAS 40 on shopping center properties.<br />
4. NON-CuRRENT FINaNCIal aSSETS<br />
Non-current fi nancial assets<br />
in € thousand<br />
ConSoLIDAteD FInAnCIAL StAteMentS notes to the consolidated balance sheet – assets<br />
2011 2010<br />
Costs as at 1 January 15,381 15,381<br />
as at 31 December 15,381 15,381<br />
Amortisation/impairment losses and reversals as at 1 January 8,504 9,374<br />
Reversals of impairment losses 3,930 0<br />
Write-downs 0 -870<br />
as at 31 December 12,434 8,504<br />
Carrying amount at 1 January 23,885 24,755<br />
Carrying amount at 31 December 27,815 23,885<br />
During the reporting year, a reversal of impairment losses, recognised directly in equity, on the stake in Ilwro Joint Venture Sp. z o.o., Warsaw,<br />
was made, in the amount of € 3,930 thousand, taking the carrying amount of the participation to € 27,815 thousand on the reporting date.<br />
Des Annual Report 2011 43