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ePaper created 2013-05-15, 15:02:49 | version 1.25.15
Interim Report Q1 2013 DES Interim Report Q1 2013 { 11 } consolidated cash flow statement – Switch to equity accounting 01.01. – 31.03.2012 before switch 01.01. – 31.03.2012 after switch Revenue 51,935 38,628 Property operating costs -2,481 -2,028 Property management costs -2,877 -2,163 Net operating income (NOI) 46,577 34,437 Other operating income 755 715 Other operating expenses -1,453 -1,356 Earnings before interest and taxes (EBIT) 45,879 33,796 Interest income 100 85 Interest expense -16,703 -13,011 Profit/loss attributable to limited partners -4,794 -3,681 Income from equity-accounted associates 0 7,193 Net finance costs -21,397 -9,414 Measurement gain / loss -867 -785 of which excess of identified net assets acquired over cost of acquisition in accordance with IFRS 3: € 0,00 thousand (previous year: €-308 thousand) Earnings before tax (EBT) 23,615 23,597 Income tax expense -7,072 -7,054 Consolidated profit 16,543 16,543 Earnings per share (€), basic 0.32 0.32 Earnings per share (€), diluted 0.32 0.32 in € thousands In addition, a voting agreement was in place with a co-shareholder of Immobilien Kommanditgesellschaft FEZ Harburg and Stadt- Galerie Passau KG until 31 December 2012 which granted Deutsche EuroShop controlling interest of these companies. These voting agreements were terminated by mutual agreement as per 31 Decem- ber 2012. As a result, Deutsche EuroShop no longer has the neces- sary majority voting interest. The two companies, in which Deutsche EuroShop AG holds a 50 % and 75 % stake, respectively, were pre- viously fully consolidated and have also been switched over to the equity method as of 1 January 2013, which resulted in the following asset and liability items no longer figuring in the consolidated balance sheet as of 31 December 2012: Investment properties 333,370 Receivables and other assets 1,114 Cash and cash equivalents 2,812 Provisions 124 Financial liabilities 109,872 Other liabilities 581 Minority interests 77,666 Withdrawal of Deutsche EuroShop AG from DB 12 Immobilienfonds As of 31 December 2012, Deutsche EuroShop withdrew as limited partner from DB Immobilienfonds 12 Main-Taunus-Zentrum KG (DB 12 KG). As compensation, Deutsche EuroShop received its lim- ited partnership interest in the Main-Taunus-Zentrum KG, which had previously been held directly via DB 12 KG, plus a proportion- ate share of cash and cash equivalents in the amount of € 1.4 million. DB 12 KG had previously been fully consolidated. The company was deconsolidated on 1 January 2013, which resulted in the follow- ing asset and liability items no longer figuring in the consolidated balance sheet as of 31 December 2012: Cash and cash equivalents -2,973 Provisions and liabilities 155 Deconsolidation amount -2,818 This event did not have an impact on earnings. It increases the Com- pany’s direct shareholding in Main-Taunus-Zentrum KG from 5.74 % to 52.01 %. in € thousands in € thousands