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ePaper created 2012-04-27, 18:43:33 | version 1.23.1
Capital management The Group‘s capital management is designed to maintain a strong equity base with the aim of ensuring that its ability to repay its debts and financial well-being are maintained in the future. The Group‘s financial policies are also based on the annual payment of a dividend. in € thousand 31.12.2011 31.12.2010 Equity 1,473,119 1,441,517 Equity ratio (%) 45.7 48.6 Net financial debt -1,407,741 -1,222,372 Equity is reported here including the share of the third-party shareholders. Net financial debt is determined from the financial liabilities on the balance sheet date less cash and cash equivalents and other financial invest- ments. 30. Joint Ventures and equity-accounted associates Joint Ventures Joint ventures in which Deutsche EuroShop AG together with third parties has a majority of the voting rights are proportionately included as joint ventures in the consolidated financial statements. For the purposes of proportionate consolidation, the share of the assets which are jointly controlled and the share of liabilities for which Deutsche EuroShop AG is jointly responsible are recognised in the consolidated balance sheet. The income statement includes the share of income and expenses of the jointly controlled companies. During the financial year, assets and liability items and income of the subsidiaries defined as joint ventures in line with IAS 31.56 were recognised in the consolidated financial statements as follows: in € thousand 31.12.2011 31.12.2010 Non-current assets 510,701 375,587 Current assets 9,065 18,357 Non-current liabilities 149,874 190,741 Current liabilities 46,479 3,615 Income 30,024 21,316 Expenses -16,315 -9,298 Equity-accounted associates Small property companies in which Deutsche EuroShop indirectly or directly has an interest are part of the Group. Deutsche EuroShop exercises a controlling influence over these companies together with other shareholders. Overall, these companies are not important to the Group. The share in these companies‘ equity is compared to the net carrying amount and any differences are recognised in income. The share in the profits/losses of these companies is assigned to the domestic segment. DES Annual Report 2011 59 CONSOLIDATED FINANCIAL STATEMENTS other disclosures