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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
The consolidated financial statements as at 31 December 2011 were approved by the Audit Committee of the Supervisory Board on 18 April 2012 and are expected to be approved at the Supervisory Board’s financial statements review meeting on 26 April 2012. Until the consolidated financial statements are adopted there is still a possibility that they may be amended. A detailed list of the companies included in the consolidated financial statements forms part of the notes. The annual financial statements of the consolidated companies were prepared as at 31 December 2011, the reporting date of the consolidated financial statements. BASIS OF CONSOLIDATION AND CONSOLIDATION METhODS Basis oF consolidation Subsidiaries The consolidated financial statements include all subsidiaries in which Deutsche EuroShop AG directly or indirectly holds a majority of voting rights, plus those companies which are joint ventures. As at 31 December 2011, the basis of consolidation comprised, in addition to the parent company, 19 (previous year: 20) fully consolidated domestic and foreign subsidiaries and five (previous year: four) proportionately consolidated domestic and foreign joint ventures. Deutsche EuroShop AG acquired the Billstedt-Center in Hamburg through a subsidiary with effect from 1 January 2011, having already paid the purchase price of € 148.4 million at the end of 2010. The fair value of the acquired property was € 156.0 million, which resulted in an excess of identified net assets acquired over the purchase price allocation. This stood at € 7.9 million and was recognised under measurement gains/ losses. It is offset by ancillary acquisition costs in connection with the acquisition of the property totalling € 8.4 million and was recognised under measurement gains/losses. In the period under review, the company generated revenue of € 10.8 million and a profit of € 9.1 million. in € thousand carrying amounts Fair value Acquired property assets 155,977 155.977 Purchase price -148,375 -148.375 Deferred taxes 272 272 Excess of identified net assets acquired over cost of acquisition 7,874 7.874 With effect from 1 January 2011, Deutsche EuroShop acquired 5.1% of the limited partnership shares in Stadt-Galerie Hameln KG at a purchase price of € 4.9 million, thereby increasing its shareholding to 100%. The acquisition of the shares resulted in an excess of identified net assets acquired over cost of acquisition of € 0.2 million and was recognised under measurement gains/losses. With effect from 1 July 2011, Deutsche EuroShop acquired 11% of the limited partnership shares in City-Galerie Wolfsburg KG at a purchase price of € 6.5 million, thereby increasing its shareholding to 100%. The acquisition of the shares resulted in an excess of cost of acquisition over identified net assets acquired of € 0.8 million and was recognised under measurement gains/losses. DES Annual Report 2011 33 ConSoLIDAteD FInAnCIAL StAteMentS basis of consolidation and consolidation method