DES GB2012 E

Notes to the consolidated cash ﬂow statement OPERATING CASH FLOW After adjustment of the annual profit for non-cash income and expenses, operating cash flow was €102,828 thousand. All changes to cash flows from net finance costs are allocated to operating activities. CASH FLOW FROM OPERATING ACTIVITIES Changes in receivables, provisions and liabilities are allocated to cash flow from operating activities. Cash outflows from operating activities includes, among others: ¤ interest income of €0.5 million (previous year: €0.9 million) ¤ interest expense of €67.7 million (previous year: €60.8 million) ¤ income taxes paid of €1.1 million (previous year: €3.3 million) ¤ net allocations to provisions of €11.4 million (previous year: €8.2 million) CASH FLOW FROM INVESTING ACTIVITIES Cash additions/disposals of non-current assets during the year are recognised. During the year under review, expansion investments and investments in portfolio properties totalling €12.6 million were made. The purchase price for the Herold-Center Norderstedt of €185.4 million (including ancillary acquisition costs) was paid at the end of December 2012. CASH FLOW FROM FINANCING ACTIVITIES Inflows from financial liabilities include inflows from the issue of a convertible bond in the amount of €100 million less transaction costs in the amount of €1.4 million. Moreover, loans taken out resulted in a cash inflow in the amount of €93.1 million. A capital increase against cash contribution was carried out during the year under review. It raised €67.7 million for Deutsche Euroshop AG less transaction costs in the amount of €1.5 million. In financial year 2012, a dividend of €56.8 million was paid to the shareholders. Payments to third-party shareholders include the distributions paid of €15.3 million and the purchase price payments for the increased shareholding in the Rathaus-Center Dessau KG totalling € 5.9 million. CONSOLIDATED FINANCIAL STATEMENTS { 170 } DES ANNUAL REPORT 2012

DES GB2012 E

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