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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
Other operating income and expenses Other operating income amounted to € 1.0 million, slightly above the previous year’s level (€ 0.9 million), while other operating expenses rose significantly by € 1.1 million to € 7.0 (2010: € 5.9 million). This increase is largely the result of higher ancillary financing costs for loans taken out or extended and higher realised exchange rate losses relating to foreign properties. Net finance costs rise in line with expectations Net finance costs increased by € 18.9 million to € 79.1 million (2010: € 60.2 million). This was the result of additional interest expense in- curred in connection with the first-time consolidation of the Main- Taunus-Zentrum and the Phoenix-Center, the financing of the acqui- sition of the Billstedt-Center and the Allee-Center Magdeburg and the expansion measures in Dresden and Wildau (+€ 13.6 million). In the other direction we achieved interest savings of € 1.9 million by re- financing and repaying existing loans, which resulted in a net increase in interest expense of € 11.7 million. Vacancy rate remains stable at under 1% As in previous years, the vacancy rate of retail spaces remained stable at under 1%. At € 0.4 million (2010: € 0.6 million) or 0.2% (2009: 0.4%), the need for write-downs for rent losses remained at a very low level. Increase in property operating and administrative costs Property operating costs were € 1.2 million higher than the previous year at € 8.5 million (2010: € 7.3 million) and property administra- tive costs were up by € 1.9 million to € 9.8 million (2010: € 7.9 mil- lion). The increases are mainly the result of additions to the group of consolidated companies (€+1.6 million), the acquisition of the Billst- edt-Center and the Allee-Center Magdeburg (+€ 1.3 million) and in- creased costs relating to the expanded centers in Dresden and Wildau (€+0.9 million). On the other hand, we were able to reduce these costs in other centers by around € 0.7 compared with the previous year. Overall, the cost ratio came in at 9.7% of revenue (2010: 10.5%). € thousand 2011 2010 change in % Main-Taunus-Zentrum, Sulzbach 24,671 10,230 14,441 141.2% A10 Center, Wildau 18,347 12,899 5,448 42.2% Rhein-Neckar-Zentrum, Viernheim 17,400 17,137 263 1.5% Altmarkt-Galerie, Dresden* 13,781 7,827 5,954 76.1% Phoenix-Center, Hamburg 11,810 5,928 5,882 99.2% Billstedt-Center Hamburg 10,822 0 10,822 Allee-Center, Hamm 9,925 9,763 162 1.7% Stadt-Galerie, Passau 9,017 8,823 194 2.2% City-Arkaden, Wuppertal 8,865 8,788 77 0.9% Forum, Wetzlar 8,727 8,583 144 1.7% City-Galerie, Wolfsburg 8,671 8,588 83 1.0% City-Point, Kassel 8,110 7,998 112 1.4% Rathaus-Center, Dessau 8,015 8,080 -65 -0.8% Stadt-Galerie, Hameln 6,679 6,687 -8 -0.1% Allee-Center, Magdeburg* 1,993 0 1,993 total germany 166,833 121,330 45,502 37.7% Galeria Baltycka, Danzig 13,728 13,411 317 2.4% City Arkaden, Klagenfurt* 5,478 5,409 69 1.3% Árkád, Pécs* 3,603 3,651 -48 -1.3% Sonstige 333 388 -55 -14.1% total abroad 23,142 22,859 283 1.2% Overall total 189,975 144,189 45,786 31.9% * proportionally consolidated revenue DES Annual Report 2011 11