DES GB2012 E

CURRENT ASSETS INCREASED AS AT BALANCE SHEET DATE As at the end of the year, current assets amounted to €183.7 million, an increase of €98.4 million compared to the previous year (2011: €85.3 million). This was exclusively the result of the higher level of cash and cash equivalents at the reporting date. Trade receivables of €4.7 million, on the other hand, fell €0.9 million short of the previ- ous year (€5.6 million). Other assets also declined by €8.2 million, from €15.3 million to €7.1 million. Cash and cash equivalents amounted to €167.5 million on the report- ing date, €103.1 higher than at the end of the previous year (€ 64.4 million). There was also a time deposit as at the balance sheet date, which was recognised as other financial investment. Balance sheet structure in € millions 2008 2009 2010 2011 2012 2,006.9 2,112.1 2,963.6 3,225.1 3,548.9 1,954.0 2,020.2 2,729.3 52.9 91.9 234.2 3,139.8 85.3 3,365.1 183.7 Deviations in total amounts could arise as a result of rounding diﬀerences Non-current assets Current assets ASSETS 2012 2011 2010 2009 2008 3,548.9 3,225.1 2,963.6 2,112.1 2,006.9 1,321.9 1,193.0 1,163.7 247.9 167.0 88.3 921.3 41.2 860.5 52.7 Equity Non-current liabilities LIABILITIES Current liabilities 1,979,0 1,865.1 1,711.5 1,149.6 1,093.7 NON-CURRENT ASSETS INCREASED AS A RESULT OF INVESTMENT Non-current assets rose by €225.3 million, from €3,139.8 million to €3,365.1 million in the year under review, while investment prop- erties increased by €223.5 million, €179.8 million of which was attributable to the first-time full consolidation of the Herold-Center. Residual work on expansion measures at our centers in Dresden, Sulzbach and Wildau also led to investments totalling €7.0 mil- lion. Costs of investments in portfolio properties amounted to €5.6 million. The revaluation of our property portfolio resulted in value increases amounting to €48.2 million and value decreases totalling €17.1 million. Compared with the previous year, other non-current assets increased by a net €1.9 million as a result of remeasurements, due in particu- lar to the higher valuation of the stake in the Galeria Dominikan- ska in Wroclaw. TEMPORARY INCREASE IN CURRENT LIABILITIES Current liabilities rose by €80.9 million, from €167.0 million to €247.9 million, due in particular to the increase in short-term bank loans and liabilities (+ €58.0 million) as well as tax liabilities (+ €18.6 million). Other current liabilities rose in net terms by €4.3 million, primarily due to an increase in other provisions. NON-CURRENT LIABILITIES UP DUE TO FINANCING Non-current liabilities rose by €113.9 million, from €1,865.1 mil- lion to €1,979.0 million. This is primarily attributable to the issue of the convertible bond (€91.9 million) Other non-current bank loans and overdrafts climbed €35.2 million to €1.371.2 million. Non- current deferred tax liabilities, on the other hand, fell by €30.1 mil- lion to €180.5 million. At €284.2 million, third-party interests in the equity of the property companies exceeded that of the previous year by €4.1 million. Other liabilities increased by €12.8 million to €51.2 million (2011: €38.5 million), largely due to the valuation of interest rate swaps. EQUITY At €1,321.9 million, Group equity was up €128.9 million on the previous year (€1,193.0 million). The changes that arose during the year under review were attribut- able to, among other things, the capital increase that led to net issue proceeds in the amount of €66.7 million. In addition, the conver- sion rights of the convertible bond issued in November were valued at €7.1 million and recognised directly in equity. The earnings recog- nised directly in equity resulted in a reduction in equity of €10.6 mil- lion. Other changes led to an increase in equity of €65.7 million. This was in particular related to the difference between the consoli- dated profit of €122.5 million and the dividend in the amount of €56.8 million paid out in June 2012. { 131 } DES ANNUAL REPORT 2012 GROUP MANAGEMENT REPORT Results of operations, ﬁnancial position and net assets

DES GB2012 E

Pages