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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/GROUPMANAGEMENTREPORT 122 VACANCY RATE REMAINS STABLE AT UNDER 1% As in previous years, the vacancy rate for retail spaces remained sta- ble at under 1%. At €0.6 million (2012: €0.6 million) or 0.3% of revenue (2012: 0.4%), write-downs for rent losses remained at a very low level. INCREASE IN PROPERTY OPERATING AND ADMINISTRATIVE COSTS Property operating costs were down €1.5 million year-on-year at €8.5 million (2012: €10.0 million), while property administrative costs increased by €0.8 million to €9.3 million (2012: €8.5 million). The lower property operating costs were mainly linked to a sharp decline in maintenance costs (down €2.6 million) in the year under review. However, the savings were offset by higher non-allocable ancillary costs. Property operating costs were also affected by the first-time consolidation of certain properties in 2013 (Herold-Center from 1 January 2013 and Altmarkt-Galerie from 1 May 2013) and the deconsolidation of other properties (Passau and Hamburg-Harburg). Higher property administration costs were also linked to the four properties. Overall, the cost ratio came in at 9.5% of revenue (2012: 10.4%). OTHER OPERATING INCOME AND EXPENSES Other operating income came to €2.8 million, slightly higher than in the previous year (€2.7 million), while other operating expenses fell significantly, down €3.5 million to €7.3 million (2012: €10.8 million). The decrease resulted from an exceptional real estate transfer tax of €2.9 million incurred in connection with the restructuring of the Group in 2012 and lower ancillary financing costs. MARKED IMPROVEMENT IN NET FINANCE COSTS Net finance costs improved significantly, up €28.0 million to €–34.1 million (2012: €–62.1 million). The improvement reflected the proceeds of the sale of the interest in Ilwro Sp.zo.o (Galeria Domini- kanska) amounting to €15.8 million, the effects of the new accounting method and the first-time consolidation of the Altmarkt-Galerie in Dresden. 31.12.2013 31.12.2012 Difference Change in % Main-Taunus-Zentrum, Sulzbach 33,646 33,184 462 1.4 A10 Center, Wildau 20,216 20,646 -430 -2.1 Rhein-Neckar-Zentrum, Viernheim 17,382 17,654 -272 -1.5 Altmarkt-Galerie, Dresden 16,129 0 16,129 Herold-Center, Norderstedt 13,199 0 13,199 Billstedt-Center, Hamburg 11,366 11,040 326 3.0 Allee-Center, Hamm 10,194 9,975 219 2.2 City-Galerie, Wolfsburg 9,647 9,290 357 3.8 Forum, Wetzlar 9,164 8,992 172 1.9 City-Arkaden, Wuppertal 9,016 8,929 87 1.0 Rathaus-Center, Dessau 8,291 8,166 125 1.5 City-Point, Kassel 8,141 7,934 206 2.6 Stadt-Galerie, Hameln 6,891 6,889 2 0.0 Phoenix-Center, Hamburg 0 12,003 -12,003 Stadt-Galerie, Passau 0 9,101 -9,101 Total domestic 173,282 163,803 9,478 5.8 Galeria Baltycka, Danzig 14,489 14,017 472 3.4 Caspia 216 341 -125 -36.7 Total international 14,705 14,358 347 2.4 Overall total 187,987 178,161 9,825 5.5 REVENUE IN € THOUSAND