Financials - Deutsche EuroShop

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ConSoLIDAteD FInAnCIAL StAteMentS notes to the consolidated cash flow statement CaSh FlOw FROM OpERaTING aCTIvITIES Changes in receivables, provisions and liabilities are allocated to cash flow from operating activities. Cash outflows from operating activities includes, among others: • interest income of € 0.9 million (previous year: € 1.0 million) • interest expense of € 60.8 million (previous year: € 49.5 million) • income taxes paid of € 3.3 million (previous year: € 2.4 million) • allocations to provisions of € 8.2 million (previous year: € 6.8 million) CaSh FlOw FROM INvESTING aCTIvITIES Cash additions/disposals of non-current assets during the year are recognised. During the year under review, expansion investments and investments in portfolio properties totalling € 77.2 million were made. The purchase price for the Allee-Center Magdeburg of € 118,7 million (including ancillary acquisition costs) was paid in October 2011. Cash and equivalents of € 0.6 million were acquired as part of the transaction. For details of the assets acquired and liabilities assumed, see the detailed notes on the scope of consolidation. The reclassification of cash flows from operating activities in connection with the Billstedt-Center Hamburg acquisition, in the amount of € 156.7 million (shown inclusive of ancillary acquisition costs) is also recognised here, as the purchase price was paid at the end of 2010 but the company was not included in the scope of consolidation until 2011. CaSh FlOw FROM FINaNCING aCTIvITIES In financial year 2011, a dividend of € 56,795 thousand was paid to the shareholders. Payments to third-party shareholders include the distributions paid of € 13.9 million and the purchase price payments for the increased shareholding in Stadt-Galerie Hameln and City-Galerie Wolfsburg totalling € 11.4 million. CuRRENCY-RElaTED aND OThER ChaNGES This item is the result of changes recognised directly in equity from the currency translation of foreign investments in the amount of € 487 thousand and smaller changes. CaSh FlOw pER ShaRE in € thousand 2011 2010 Average outstanding shares (diluted) no. 51,631,400 45,544,976 Average outstanding shares (basic) no. 51,631,400 45,544,976 Operating cash flow in € thousands 98,686 69,980 Operating cash flow per share (diluted) € 1.91 1.54 Operating cash flow per share (basic) € 1.91 1.54 Cash flow from operating activities in € thousands 249,421 -94,167 Cash flow per share (diluted) € 4.83 -2.07 Cash flow per share (basic) € 4.83 -2.07 54 Des Annual Report 2011
segment reporting As a holding company, Deutsche EuroShop AG holds equity interests in shopping centers in the European Union. The investees are pure shelf companies without staff of their own. Operational management is contracted out to external service providers under agency agreements, meaning that the companies‘ activities are exclusively restricted to asset management. The companies are operated individually. Due to the Company‘s uniform business activities within a relatively homogeneous region (the European Union), and in accordance with IFRS 8.12, separate segment reporting is presented in the form of a breakdown by domestic and international results. As the Group’s main decision-making body, the Deutsche EuroShop AG Executive Boardlargely assesses the performance of the segments based on the EBIT of the individual property companies. The valuation principles for the segment reporting correspond to those of the Group. Intra-Group activities between the segments are eliminated in the reconciliation statement. In view of the geographical segmentation, no further information pursuant to IFRS 8.33 is given. The previous year’s figures have been restated in the reconciliation statement for earnings before tax (EBT) and net interest income. BREaKDOwN BY GEOGRaphICal SEGMENT ConSoLIDAteD FInAnCIAL StAteMentS segment reporting in € thousand Domestic International Reconciliation total revenue 166,832 23,143 0 189,975 (previous year’s figures) (121,330) (22,859) (0) (144,189) in € thousand Domestic International Reconciliation total eBIT 148,652 20,698 -3,689 165,661 (previous year’s figures) (107,951) (20,431) -(4,350) (124,032) in € thousand Domestic International Reconciliation total Net interest income -55,972 -7,516 -1,411 -64,899 (previous year’s figures) -(45,644) -(7,606) (215) -(53,035) in € thousand Domestic International Reconciliation total earnings before tax (eBT) 119,397 17,754 -8,777 128,374 (previous year’s figures) (84,759) (14,809) -(2,570) (96,998) in € thousand Domestic International total segment assets 2,874,224 350,901 3,225,125 (previous year’s figures) (2,621,311) (342,265) (2,963,576) of which investment properties 2,763,626 343,206 3,106,832 (previous year’s figures) (2,367,696) (333,001) (2,700,697) Des Annual Report 2011 55
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AnnuAl RepoRt 11 FinAnciAls €190
Page 3 and 4: Business and Economic Conditions 5
Page 5 and 6: usiness and eConomiC Conditions OpE
Page 7 and 8: Ancillary benefits include the prov
Page 9 and 10: Based on calculations from Jones La
Page 11 and 12: Revenue € thousand 2011 2010 Chan
Page 13 and 14: funds from operations (ffo) up by o
Page 15 and 16: liquidity analysis: Cash flow signi
Page 17 and 18: 0 5 10 15 20 25 30 Net asset value
Page 19 and 20: FINaNCIal STaTEMENT pREpaRaTION pRO
Page 21 and 22: Currency risk Deutsche EuroShop AG
Page 23 and 24: switch to equity method accounting
Page 25 and 26: Consolidated finanCial statements 2
Page 27 and 28: EquITY aND lIaBIlITIES in € thous
Page 29 and 30: Consolidated statement of Comprehen
Page 31 and 32: statement of Changes in eQuity in
Page 33 and 34: The consolidated financial statemen
Page 35 and 36: CurrenCy translation The Group curr
Page 37 and 38: FuNDS FROM OpERaTIONS (FFO) in €
Page 39 and 40: On the basis of the expert appraisa
Page 41 and 42: 8. OThER lIaBIlITIES Other liabilit
Page 43 and 44: 3. INvESTMENT pROpERTIES Investment
Page 45 and 46: 8. OThER CuRRENT aSSETS in € thou
Page 47 and 48: 2011 in € thousand Before taxes T
Page 49 and 50: 16. OThER CuRRENT lIaBIlITIES in
Page 51 and 52: 21. OThER OpERaTING INCOME in € t
Page 53: Tax RECONCIlIaTION Income taxes in
Page 57 and 58: Fair value recognised in income fai
Page 59 and 60: Capital management The Group‘s ca
Page 61 and 62: other disClosures An average of fiv
Page 63 and 64: elated parties for the purposes of
Page 65 and 66: anteilsbesitZ Company name and domi
Page 67 and 68: esponsibility statement by the exeC
Page 69 and 70: Claus-Matthias Böge Born 13 Februa
Page 71 and 72: Corporate Governance Code in accord
Page 73 and 74: At the third meeting on 22 Septembe
Page 75 and 76: Dr jörn Kreke Dr jörn Kreke alexa
Page 77 and 78: Food Court Catering area of a shopp
Page 79 and 80: multi-year- overview in € million
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Financials - Deutsche EuroShop

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