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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
Current assets reduced due to acquisition of a center At year end, current assets amounted to € 85.3 million, a decline of € 148.9 million year-on-year (2010: € 234.2 million).The fall is largely due to the transfer of the Billstedt-Center to investment properties on 1 January 2011, as the purchase price including ancillary acquisi- tion costs (€ 156.7 million) had already been paid in the previous year and reported under other current assets. Trade receivables increased by € 2.1 million from € 3.5 million to € 5.6 million due to additions to the group of consolidated companies and the increased business volume. Cash and cash equivalents amounted to € 64.4 million on the report- ing date, € 1.4 lower than at the end of the previous year (€ 65.8 mil- lion). The majority was invested short-term as time deposits. Non-current assets increased as a result of consolidation and investment Non-current assets rose by € 410.5 million from € 2,729.3 million to € 3,139.8 million in the year under review, while investment proper- ties increased by € 406.1 million, € 274.3 million of which was attrib- utable to the first-time full consolidation of the Billstedt-Center and the Allee-Center Magdeburg. The expansion measures at our centers in Dresden, Sulzbach and Wildau also led to investments totalling € 70.2 million. Costs of investments in portfolio properties amounted to € 6.8 million. The revaluation of our property portfolio also result- ed in value increases amounting to € 64.1 million and value decreases totalling € 9.8 million. Compared with the previous year, other non-current assets increased by a net € 4.3 million as a result of remeasurements, due in particular to the higher valuation of the stake in the Galeria Dominikanska in Wroclaw. Temporary increase in current liabilities Current liabilities rose by € 78.7 million from € 88.3 million to € 167.0 million, due in particular to the increase in short-term bank loans and liabilities (+ € 75.1 million). This was primarily due to the higher drawdown on a credit line in connection with the interim fi- nancing of the purchase price for the stake in the Allee-Center Mag- deburg. Other current liabilities rose by € 3.6 million net, primarily due to an increase in tax liabilities. Non-current liabilities up due to financing Non-current liabilities rose by € 153.6 million from € 1,711.5 million to € 1,865.1 million, due in large part to an increase in non-current liabilities to banks, which rose by € 108.9 million to € 1,336.0 mil- lion. In addition, deferred tax liabilities rose by € 25.8 million to € 210.6 million and third-party interests in the equity of property companies by € 2.3 million to € 280 million. Other liabilities in- creased by € 16.7 million to € 38.5 million (2010: € 21.8 million), largely due to the valuation of swaps. Equity At € 1,193.0 million, Group equity was up € 29.3 million on the pre- vious year (€ 1,163.7 million). The changes in the reporting year resulted from the valuation of interest rate swaps (€-16.4 million), the deferred taxes resulting therefrom (€+5.6 million) and the valuation of the stake in Galeria Dominikanska in Wroclaw in accordance with IAS 39 (€+3.9 mil- lion). Other changes produced an increase of € 36.2 million in equity which resulted in particular from the difference between the consoli- dated profit of € 93.4 million and the dividend of € 56.8 million paid out in June 2011. Net Asset Value further increased In the year under review, we have for the first time reported net asset value (NAV) in accordance with the best practice recommendations of the European Public Real Estate Association (EPRA). It differs from the previous presentation only in that it takes into account the pres- ent value of the swaps recognised in equity and the resulting deferred taxes. In accordance with these recommendations, net asset value as of 31 December 2011 amounted to € 1,427.3 million or € 27.64 per share, compared with € 1,427.3 million or € 26.36 per share in the previous year. Net asset value has thus risen by € 66.2 million or 4.9% over the previous year. € thousand 31.12.2011 31.12.2010 Equity 1,193,041 1,163,737 Deferred taxes 210,586 184,830 Negative swap values 35,028 18,623 Resulting deferred taxes -11,367 -6,088 EPRA NAV 1,427,289 1,361,102 EPRA NAV per share 27.64 € 26.36 € 16 DES Annual Report 2011 Group Management Report results of operations, financial position and net assets