Financials - Deutsche EuroShop

2011
in € thousand
Before taxes Taxes Net
Measurement of investments (AfS) IAS 39 3,930 0 3,930
Cash flow hedge -16,405 5,613 -10,792
Currency conversion foreign companies -373 71 -302
11. BaNK lOaNS aND OvERDRaFTS
-12,848 5,684 -7,164
in € thousand 31.12.2011 31.12.2010
Non-current bank loans and overdrafts 1,335,986 1,227,096
Current bank loans and overdrafts 136,163 61,060
1,472,149 1,288,156
Bank loans and overdrafts are recognised at amortised cost on the balance sheet date. The present value of loans is redetermined at the reporting
date. To do so, the annuities due up to this date, together with any residual amount according to the redemption schedule are discounted at the
reporting date at market rates of interest plus a margin. The fair value of the bank loans and overdrafts at the reporting date is € 1,539,651 thousand
(previous year: € 1,330,746 thousand). The previous year’s figure has been restated.
Bank loans and overdrafts relate to loans raised to finance property acquisitions and investment projects. Land charges on Company properties
totalling € 1,472,149 thousand (previous year: € 1,288,156 thousand) serve as collateral.
Discounts are amortised over the term of the loan. In the year under review, € 4,954 thousand (previous year: € 4,592 thousand) was recognised
in income.
Eleven of the 31 loan agreements currently contain arrangements regarding covenants. There are a total of 15 different conditions on different
debt service cover ratios (DSCR), interest cover ratios (ICR), changes in rental income, the equity ratio and loan-to-value ratios (LTV). The credit
conditions have not to date been breached, and according to the current planning will not be breached in 2012-2014 either.
12. DEFERRED Tax lIaBIlITIES
in € thousand
ConSoLIDAteD FInAnCIAL StAteMentS notes to the consolidated balance sheet – liabilities
as at
1 jan 2011
utilisation Reversal addition as at
31 Dec 2011
Deferred tax liabilities 184,830 0 0 25,757 210,587
Deferred tax liabilities relate primarily to properties reported at fair value in accordance with IAS 40. At the reporting date, they totalled
€ 238,376 thousand (previous year: € 205,014 thousand) and were partially offset by deferred tax assets on tax loss carryforwards of € 14,391 thousand
(previous year: € 16,053 thousand) and are offset against equity items recognised directly in equity in the amount of € 13,399 thousand
(previous year: € 7,847 thousand).
Additions for companies in Germany in the reporting year were € 24,878 thousand (previous year: € 12,476 thousand), while additions of
€ 879 thousand (previous year: € 2,976 thousand) were made for foreign companies.
Des Annual Report 2011 47