Please activate JavaScript!
Please install Adobe Flash Player, click here for download
ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/GROUPMANAGEMENTREPORT 123 Interest income was on a par with the previous year at €0.4 million. The deconsolidation of the Passau and Hamburg-Harburg centers generated interest expenses totalling €5.8 million, which brought interest expenses to €57.8 million – an increase of €0.5 million year- on-year. The first-time consolidation of the Altmarkt-Galerie in Dres- den from 1 May 2013 created an exceptional charge arising from the derecognition of a cumulative valuation gain/loss previously recog- nised in equity for an interest rate hedge (swap) to the value of €6.8 million and offset by current earnings of €2.3 million from the value of the swap up to the reporting date. The net charge arising from the swap therefore came to €4.5 million in 2013. The interest expenses will be offset by corresponding income until 2018. Earnings from at-equity investments climbed considerably, up €12.7 million to €27.0 million (2012: €14.3 million). The improvement also reflects a marked hike in valuation gains, which were up €2.4 mil- lion year-on-year at €8.4 million (2012: €–6.0 million). The change in accounting methods also affected these figures. The profit share for third-party shareholders increased by €0.6 mil- lion from €15.3 million to €15.9 million. CHANGES IN VALUATION GAINS/LOSSES Valuation gains were up €42.0 million year-on-year at €56.0 million (2012: €13.9 million). The average value of Group properties after ongoing investments advanced 2.1%; valuation gains came in at between 0.0% and 4.8%. Valuation of the portfolio properties led to valuation gains of €60.5 mil- lion. The share of valuation gains attributable to third-party share- holders amounted to €4.5 million in the reporting year (2012: €18.7 million). ANOTHER SIGNIFICANT CHANGE IN TAX POSITION Taxes on income and earnings amounted to €16.6 million compared to tax income of €19.1 million in 2012. Deferred trade tax provisions totalling €49.1 million were released in 2012. In 2013, deferred trade tax provisions were reduced by a further €12.6 million when another company met the criteria for the extended trade tax deduction. Mean- while, allocations for deferred income taxes generated expenses of €28.7 million during the year under review. Tax expense for income tax payments amounted to €2.4 million (Germany: €1.5 million, international: €0.9 million) in the year under review. 31.12.2013 31.12.2012 Difference Change in % Allee-Center, Magdeburg 7,945 7,762 183 2.4 Phoenix-Center, Hamburg 6,144 0 -6,144 100 Stadt-Galerie, Passau 6,938 0 6,938 100 Altmarkt-Galerie, Dresden 5,636 16,096 -10,460 -65.0 City-Arkaden, Klagenfurt 5,890 5,635 255 4.5 Árkád, Pécs 3,487 3,577 -90 -2.5 Others 676 678 -2 -0.3 Revenue 36,716 33,748 2,969 8.8 Property operating costs -1,739 -1,415 -324 Property management costs -1,904 -2,079 175 Net operating income 33,073 30,253 2,820 Other operating income 65 204 -139 Other operating expenses -322 -906 584 Earnings before interest and taxes (EBIT) 32,816 29,551 3,265 Interest income 19 40 -21 Interest expense -8,147 -9,110 963 Net finance costs -8,127 -9,070 942 Valuation gains/losses 2,410 -6,029 8,439 Earnings before tax (EBT) 27,099 14,453 12,646 Taxes on income and earnings -76 -107 32 Share in the profit / loss of joint ventures 27,024 14,346 12,678 € THOUSAND