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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
Switch to equity method accounting from 1 January 2013 Changes to the International Accounting Standards mean that the proportional consolidation of our joint ventures will probably no lon- ger be permitted after 2013. The share in the revenue and costs of these companies will no longer be included in the consolidated finan- cial statements. Instead, only the share in the results of these shopping centers will be reported under net finance costs. Revenue to rise by 10% in 2012 We anticipate an increase in revenue of around 10% to between € 207 million and € 211 million in the 2012 financial year. In particu- lar, the revenue contribution of the Allee-Center Magdeburg and the additional revenues from the expansion completed in 2011 are expect- ed to make a positive impact. If we were to switch to equity method accounting in the 2012 financial year, the expected revenue would be between € 174 million and € 178 million. Revenues are expected to increase again slightly in 2013 and, after the change to equity account- ing, reach a level of between € 178 million and € 182 million. Further growth in earnings in the next two years Earnings before interest and taxes (EBIT) amounted to € 165.7 mil- lion in 2011. According to our forecast, EBIT will amount to between € 177 million and € 181 million in the current financial year (+8%), or if equity method accounting were to be applied in 2012, between € 147 million and € 151 million. Taking into account the change in accounting method, EBIT should increase to between € 151 million and € 155 million in 2013 (+3%). Earnings before tax (EBT) excluding measurement gains and losses amounted to € 86.6 million during the year under review. We expect the corresponding figure to be between € 90 million and € 93 million for the 2012 financial year (+6%) and between € 94 and € 97 million for the 2013 financial year (+4%). As equity accounting means that the results of the companies concerned are recognised in net finance costs, earnings before taxes excluding measurement gains or losses are not affected by the switch to equity accounting. revenue € million 100 124 148 target 207–211 target* 178–182 target* 174–178 result 190.0 * Accounted for using the equity method 2012 20132011 EBit € million 100 125 150 175 200 target 177–181 target* 151–155target* 147–151 result 165.7 2012 2013 * Accounted for using the equity method 2011 DES Annual Report 2011 23