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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
EPRA also recommends that an EPRA NNNAV (triple NAV) be cal- culated, which roughly corresponds to the liquidation value of the company. This adjusts the EPRA NAV to take account of hidden li- abilities or undisclosed reserves resulting from the market valuation of bank loans and overdrafts, as well as deferred taxes. As of 31 December 2011, the EPRA NNNAV amounted to € 1,153.6 million, compared with € 1,140.4 million in the previous year. This resulted in an EPRA NNNAV per share of € 22.35, compared with € 22.09 in the previous year, an increase of 1.2%. The reason for this considerably lower in- crease compared with that of the EPRA NAV (+4.9%) is the decline in capital market interest rates, as a result of which the hidden liabilities resulting from bank loans and overdrafts have increased significantly. € thousand 31.12.2011 31.12.2010 EPRA NAV 1,427,289 1,361,102 Negative swap values -35,028 -18,623 Negative present value of bank loans and overdrafts -55,685 -33,533 Total deferred taxes -182,589 -168,554 EPRA NNNAV 1,153,589 1,140,391 EPRA NNNAV per share 22.35€ 22.09€ Overall comment by the Executive Board on the economic situation The past financial year again confirmed the Deutsche EuroShop Group’s good position. We have again managed to exceed our original forecasts, despite a changed tax framework. 0 5 10 15 20 25 30 net asset value in € 27.64* 26.36* 26.63 27.43 26.91 2011 2010 2009 2008 2007 ENVIRONMENT Climate protection is one of the most important issues for Deutsche EuroShop. We believe that sustainability and profitability, the shop- ping experience and environmental awareness are not opposing forces. Long-term thinking is part of our strategy. This includes playing our part in environmental protection. In 2011, all our German shopping cen- ters had contracts with suppliers that use regenerative energy sources such as hydroelectric power for their electricity needs. The “EnergieVision” organisation certified the green electricity for our centers in Germany with the renowned “ok-power” accreditation in 2011. We plan to switch the centers in other countries to green electricity as well in the next few years. The German centers used a total of around 59.4 million kWh of green electricity in 2011. This represented 100% of the electricity require- ments in these shopping centers, which also used 1.1 kWh less than in the previous year. As a result, based on conservative calculations this meant a reduction of around 23,400 tonnes in carbon dioxide emis- sions – this equates to the annual CO2 emissions of around 1,060 two- person households. We have already reduced the energy consumption of our shopping centers by using heat exchangers and energy-saving light bulbs. Deutsche EuroShop, through its shopping centers, also supports a range of activities at local and regional level in the areas of ecology, society and economy. REPORTS NOT INCLuDED A research and development (R&D) report is not required as part of the Management Report because Deutsche EuroShop does not need or pursue any research and development in line with its original business purpose. The Company’s business purpose, which is to manage assets, does not require procurement in the traditional sense. For this reason, this topic is not covered by a separate section of the Management Report. At the reporting date Deutsche EuroShop AG employed only five peo- ple and therefore did not prepare a separate human resources report. * EPRA NAV DES Annual Report 2011 17