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ePaper created 2013-06-11, 17:13:12 | version 1.25.16
31.12.2012 31.12.2011 DIFF. DIFF. % Main-Taunus-Zentrum, Sulzbach 33,184 24,671 8,513 34.5 A10 Center, Wildau 20,646 18,347 2,300 12.5 Rhein-Neckar-Zentrum, Viernheim 17,654 17,400 254 1.5 Altmarkt-Galerie, Dresden 16,096 13,781 2,315 16.8 Phoenix-Center, Hamburg 12,002 11,810 191 1.6 Billstedt-Center, Hamburg 11,040 10,822 218 2.0 Allee-Center, Hamm 9,975 9,925 50 0.5 Stadtgalerie, Passau 9,101 9,017 83 0.9 City-Arkaden, Wuppertal 8,929 8,865 64 0.7 Forum, Wetzlar 8,992 8,727 266 3.0 City-Galerie, Wolfsburg 9,290 8,671 619 7.1 City-Point, Kassel 7,934 8,110 -175 -2.2 Rathaus-Center, Dessau 8,166 8,015 151 1.9 Stadt-Galerie, Hameln 6,889 6,679 210 3.1 Allee-Center, Magdeburg 7,762 1,993 5,770 289.6 Total Germany 187,661 166,833 20,828 12.5 Galeria Baltycka, Gdansk 14,017 13,728 288 2.1 City-Arkaden, Klagenfurt 5,635 5,478 157 2.9 Árkád, Pécs 3,577 3,603 -26 -0.7 Caspia 341 333 8 2.4 Total abroad 23,570 23,142 427 1.8 211,231 189,975 21,255 11.2 VACANCY RATE REMAINS STABLE AT UNDER 1% As in previous years, the vacancy rate of retail spaces remained stable at under 1%. At €0.8 million (2011: €0.4 million) or 0.4% (2011: 0.2%), the need for write-downs for rent losses remained at a very low level. INCREASE IN PROPERTY OPERATING AND ADMINISTRATIVE COSTS Property operating costs were €2.8 million higher than the previous year at €11.3 million (2011: €8.5 million) and property administra- tive costs were up by €0.7 million to €10.5 million (2011: €9.8 mil- lion). The increases are mainly the result of expansions (€3.0 million) as well as the acquisition of the Allee-Center Magdeburg (€0.6 mil- lion). However, we were able to keep these costs on a par with the previous year in the other centers. Overall, the cost ratio came in at 10.3% of revenue (2011: 9.7%). One key factor behind this was increased maintenance expenses compared to the previous year. Revenue in € millions Overall total OTHER OPERATING INCOME AND EXPENSES Other operating income of €2.9 million exceeded the previous year’s level (€1.0 million), while other operating expenses rose significantly by €4.3 million to €11.3 (2011: €7.0 million). This increase resulted from significantly higher one-off real estate transfer tax of €2.9 mil- lion incurred in connection with the restructuring of the Group. NET FINANCE COSTS RISE IN LINE WITH EXPECTATIONS Net finance costs increased €6.9 million to €86.0 million (2011: €79.1 million), a development which can largely be attributed to one- off prepayment compensation for the refinancing of the Main-Tau- nus-Zentrum as well as increased interest expense due to expansions and the acquisition of the Allee-Center Magdeburg (€-8.7 million). However, we achieved interest savings of €2.4 million by refinancing and repaying existing loans. Profit from equity-accounted shareholdings was down €0.9 million, while income from investments and interest income also fell €0.2 million short of the previous year. The profit share of third-party shareholders declined by €0.5 million. GROUP MANAGEMENT REPORT { 126 } DES ANNUAL REPORT 2012 Results of operations, financial position and net assets