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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
In addition, seven existing loans with a residual volume of € 304.7 were prematurely extended or replaced by new loans in the year under review. While the average residual maturity of these loans was 2.4 years, with an average rate of interest of 5.42%, the new loans have an average re- sidual maturity of 8.6 years and an average rate of interest of 4.07%. As a result, we have significantly improved the maturity and interest rate structure of these bank loans. The bank loans and overdrafts in place at the end of the year are used ex- clusively to finance non-current assets. As a result, 47% of non-current assets continued to be financed by loans in the year under review. The Group has access to a credit line in the sum of € 150 million until 2014. Of this, € 78.7 had been drawn down as at the balance sheet date. Overall, the debt finance terms as of 31 December 2011 remained fixed at 4.59% (2010: 5.03%) for an average period of 6.6 years (2010: 6.5 years). Deutsche EuroShop maintains credit facilities with 24 banks which – with the exception of one in Austria – are all German banks. Of 31 loans across the Group, credit terms were agreed with the fi- nancing banks on 11 of these. There are a total of 15 different cov- enants on debt service cover ratios (DSCRs), interest cover ratios (ICRs), changes in rental income and the loan-to-value ratio (LTV). All these covenants were met. Based on the budgeted figures, compli- ance with the covenants may also be assumed in the year under review. At the beginning of April 2012, a loan to finance the Altmarkt-Galerie Dresden of € 36.9 million is to be repaid ahead of schedule and re- placed by a new loan. Scheduled repayments amounting to € 22.1 mil- lion will be made from current cash flow during the 2012 financial year. Over the period from 2013 to 2016, average repayments will be around € 17.4 million per year. No loans are due to expire in 2012. In 2013, loans amounting to € 176.6 million will come up for renewal. For 2014 this figure is € 93.6 million, for 2015 € 78.6 million and for 2016 € 171.5 million. Short and long-term bank loans and overdrafts totalling € 1,472.1 mil- lion were recognised in the balance sheet as of the reporting date. The difference compared with the amounts stated here of € 5.1 million re- lates to deferred interest and repayment obligations that were settled at the beginning of 2012. Investment analysis: Investments remain at a high level In the 2011 financial year, investments totalled € 352 million. The Billstedt-Center was acquired on 1 January 2011 and the Allee-Center Magdeburg on 1 October 2011, together amounting to investments with a fair value of € 274.8 million. In addition, the expansion and modernisation measures in the Altmarkt-Galerie Dresden, the A10 Center and the Main-Taunus-Zentrum required an investment of € 77.1 million. Ongoing investments in portfolio properties amounted to € 6.8 million. overview of loan structure as at 31 december 2011 Total = 1,467.0 € million % of total loans Duration (years) in %; Average interest rate in % 9.4 1.0 3.47 40.2 3.60 4.87 40.9 9.49 4.52 9.5 15.27 4.73 Total 100.0 6.58 4.59 0 100 200 300 400 500 600 700 800 137.6 589.8 600.4 139.3 Up to 1 year 1 to 5 years 5 to 10 years Over 10 years 14 DES Annual Report 2011 GRoup MAnAGeMent RepoRt results of operations, financial position and net assets