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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
RESuLTS OF OPERATIONS, FINAN- CIAL POSITION AND NET ASSETS corrEction oF an Error in accordancE with ias 8 Due to a ruling by the German Federal Fiscal Court (Bundesfinanzhof), there is a risk that we will not be able to continue applying the “extended trade tax deduction”. As a result, all of our domestic income would be subject to trade tax. This would also affect past financial years and un- disclosed reserves contained in non-current domestic assets. The con- solidated financial statements as at 31 December 2010 were therefore adjusted in accordance with IAS 8.41 ff. The restatement of the previous year’s values led to a consolidated profit of €-7.8 million (prior to re- statement: €+81.8 million and to a reduction in equity of € 85.9 million from € 1,249.6 million to € 1,163.7 million. Please also see the explana- tory notes to the accounts. Where comparisons are made to the previous year in the additional ex- planatory notes to the results of operations, financial position and net assets, the figures referred to are the 2010 annual results restated in ac- cordance with IAS 8. rEsults oF opErations, Financial position and nEt assEts Deutsche EuroShop can look back on another successful financial year. Revenue and profit were significantly up on the previous year. On the investment side, our acquisition of a stake in the Allee-Center Magdeburg has enabled us to expand our portfolio. The acquisition of interests held by third parties in the Stadt-Galerie Hameln and the City-Galerie Wolfsburg allowed progress to be made with the reorgan- isation of the shareholding structure of two further shopping centers. On 1 January 2012, we acquired the remaining shares in three more properties in our portfolio (Rhein-Neckar-Zentrum, Allee-Center Hamm and Rathaus-Center Dessau), which means that we now have full ownership of nine of our 19 shopping centers. In doing so we were able to maintain the solid financing structure of our Group. Revenue rose by 32% to € 190.0 million and our consolidated profit was € 93.4 million, compared with €-7.8 million the previous year. Earnings per share were € 1.81, compared with a loss of € 0.17 per share in 2010, while operating profit per share rose 21% from € 0.98 to € 1.19. Measurement gains/losses improved by 26% in 2011 to € 41.8 mil- lion compared with the previous year (€ 33.1 million). The revaluation of the equity-accounted companies also led to a measurement gain of € 0.1 million. Adjusted for these effects, earnings before taxes rose by around 35% from € 64.0 million in the previous year to € 86.5 mil- lion. The EPRA net asset value per share rose slightly by 4.9%, from € 26.36 to € 27.64. rEsults oF opErations Revenues in the German retail trade (excluding the vehicle trade) rose by a nominal 2.6% over the reporting year, while the revenues of the tenants in our German shopping centers rose by 4.4%. This result can be attributed to two locations in particular. The completion of the expansion of the Altmarkt-Galerie Dresden at the end of March 2011 resulted in an increase in retail sales of around 42% (on a like-for-like basis +6.1%). The growth in revenue of our tenants in the A10 Center Wildau resulting from the opening of the Triangel at the beginning of April 2011 was around 22% (like-for-like -0.9%). However, there was a slight decline in revenues of 0.7% at the other shopping centers. The reasons for this were clearly the negative sales trends in clothing and at the department stores. At our foreign properties, on the other hand, retail sales increased by 1.4%. Consolidated revenue up 32% Group revenue increased by 32%, from € 144.2 million to € 190.0 mil- lion, during financial year 2011. The first-time full consolidation of the Main-Taunus-Zentrum, the Phoenix-Center and the Billstedt- Center (latter two both in Hamburg) and the first-time consolida- tion of the Allee-Center Magdeburg made significant contributions to revenue growth. Rental income from the Altmarkt-Galerie and, after the expanded space was opened, from the A10 Center also rose considerably. At ten properties, the rise in revenue was primarily due to index-relat- ed rental increases, while three properties experienced slight declines in revenue. Overall, total revenue rose by 1.2% on a like-for-like basis over the reporting year. 0 50 100 150 200 revenue € million 190.0 144.2 127.6 115.3 95.8 2011 2010 2009 2008 2007 21.7 22.6 22.9 23.1 12.2 93.6 105.0 121.3 166.8 83.6 germany Abroad 10 DES Annual Report 2011 GRoup MAnAGeMent RepoRt results of operations, financial position and net assets