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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
In addition, the profit share of third-party shareholders rose by € 7.8 million to € 15.7 million as a result of the expanded group of consolidated companies. In contrast, the profit from investments ac- counted for using the equity method improved by € 0.9 million, while income from investments and interest income were € 0.3 million be- low the previous year’s level. Measurement gains / losses higher than in the prior year Measurement gains rose by € 8.7 million from € 33.1 million in the previous year to € 41.8 million. Remeasurement of the portfolio prop- erties led to gains of € 51.6 million. On average the portfolio prop- erties increased in value by 1.9% and, with two exceptions (which showed depreciations of 2.3% and 7.4%), market values were between +0.2% and +8.4% higher than the previous year. The initial and subsequent valuations of the Billstedt-Center and the Allee-Center Magdeburg generated measurement gains of € 11.1 mil- lion, while ancillary acquisition costs for the Billstedt-Center amount- ed to € 8.4 million. In addition, the acquisition of additional shareholdings in the Stadt- Galerie Hameln and the City-Galerie Wolfsburg led to a measure- ment loss of € 0.5 million. The purchase price of the shareholdings in the City-Galerie Wolfsburg exceeded the redemption entitlements of the former limited partners recognised in the accounts at the time of transfer. The share of measurement gains attributable to third-party sharehold- ers rose in the reporting year to € 11.9 million (2010: € 3.0 million). Significant change in tax position The tax burden in the year under review amounted to € 35.0 million, down by € 69.8 million on the previous year. The correction to tax expense in the previous year amounted to € 89.6 million, of which € 87.5 million was for deferred trade tax and € 2.1 million for back- payments of trade tax for 2010 and previous years. The reporting year’s tax expense is composed of € 31.6 million in deferred income tax and income tax payments on current profit of € 3.4 million (do- mestic: € 2.8 million, foreign: € 0.6 million). Significant increase in consolidated profit Earnings before interest and taxes (EBIT) climbed 34% from € 124.0 million to € 165.7 million in the year under review. At € 128.4 million, pre-tax profit (EBT) was 32% up on the previous year (€ 97.0 million). Consolidated profit amounted to € 93.4 mil- lion, following a loss in the previous year of € 7.8 million. Operations and measurement gains driving earnings per share Earnings per share (consolidated net profit per share) amounted to € 1.81 in the reporting year, compared with a loss of € 0.17 in the previous year. Of this amount, € 1.19 was attributable to opera- tions (2010: € 0.98) and € 0.62 to measurement gains/losses (2010: € 0.54). Earnings per share in the 2010 financial year were also im- pacted by non-recurring tax expense for the financial years up to 2009 amounting to € 1.70 per share. in € per share 2011 2010 Consolidated net profit 1.81 -0.17 Valuation in accordance with IAS 40 -0.81 -0.73 Deferred taxes 0.19 0.18 Tax expense previous years 0.00 1.70 EPRA* earnings 1.19 0.98 Weighted no. of shares in thousands 51,631 45,545 * European Public Real Estate Association 0 50 100 150 200 EBit € million 165.7 124.0 110.7 98.1 78.5 2011 2010 2009 2008 2007 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 Earnings per share € undiluted 1.81 -0.17 0.88 2.00 2.74 2011 2010 2009 2008 2007 1.19 -1.70 0.98 1.13 0.94 -0.30 0.62 0.54 0.87 0.86 0.94 1.18 operating result Extraordinary tax effect measurement gains/losses 12 DES Annual Report 2011 GRoup MAnAGeMent RepoRt results of operations, financial position and net assets