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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
nEt assEts Balance sheet analysis The Group’s total assets increased by € 261.5 million from 2,963.6 mil- lion to € 3,225.1 million. € thousand 2011 2010 change Current assets 85,348 234,236 -148,888 Non-current assets 3,139,777 2,729,340 410,437 Current liabilities 166,982 88,294 78,688 Non-current liabilities 1,865,102 1,711,545 153,557 Equity 1,193,041 1,163,737 29,304 Total assets 3,225,125 2,963,576 261,549 0 500 1000 1500 2000 2500 3000 3500 0 500 1000 1500 2000 2500 3000 3500 Balance sheet structure € million 1,976.3 2,006.9 2,112.1 2,963.6 3,225.1 Assets Liabilities 3,225.1 2,963.6 2,112.1 2,006.9 1,976.3 2007 2008 2009 2010 2011 2011 2010 2009 2008 2007 234.2 91.9 52.9 137.1 1,193.0 1,163.7 921.3 860.5 860.8 167.0 88.3 41.2 52.7 88.2 85.3 2,729.3 2,020.2 1,954.0 1,839.2 3,139.8 Non-current assets Equity Current assets Non-current li- abilities Current liabilities 1,865.1 1,711.5 1,149.6 1,093.7 1,027.4 Liquidity analysis: Cash flow significantly higher The Group’s operating cash flow of € 98.7 million (2010: € 70.0 mil- lion) is the amount that the Group generated for shareholders follow- ing the deduction of all costs from the leasing of the shopping center floor space. It primarily serves to finance the dividends of Deutsche EuroShop AG and payments to third-party shareholders. Cash flow from operating activities amounted to € 249.4 million (2010: €-94.2 million) and, in addition to operating cash flow, con- tains changes in receivables and other assets as well as other liabilities and provisions. The outflow of the purchase price (€ 156.7 million) for the Billstedt-Center Hamburg, which was paid at the end of 2010, is recognised under other assets. This is, however, merely a reallocation from investment activities to cash flow as the Center was recognised for the first time in the reporting year, at fair value, and is contained in investment properties (as-if presentation). Meanwhile, advance pay- ments on the purchase prices for the increase in our shareholdings in the Allee-Center Hamm and the Rhein-Neckar-Zentrum amounted to € 9.1 million as of 1 January 2012. Cash flow from financing activities declined from € 363.9 million to € 101.9 million. Cash inflows from non-current financial liabilities, amounting to € 184.0 million, resulted primarily from the raising of a new loan in connection with the acquisition of the Billstedt-Center and the financing of the expansion measures in the A10 Center and the Main-Taunus-Zentrum. Furthermore, the purchase price paid for the Allee-Center Magdeburg was financed by utilising a short-term credit line from Deutsche EuroShop AG. Dividends paid to share- holders totalled € 56.8 million. Payments to third-party shareholders comprise the purchase prices of the shareholdings in the two centers in Hameln and Wolfsburg and distributions paid out during the year under review. Cash and cash equivalents declined slightly in the year under review to € 64.4 million (2010: € 65.8 million). DES Annual Report 2011 15