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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/GROUPMANAGEMENTREPORT 128 EQUITY At €1,428.9 million, Group equity was up €107.0 million against the previous year (€1,321.9 million). The change in equity over the year under review primarily comprises the difference between consolidated profit at €171.0 million and the €64.7 million paid as a dividend in June 2013. EPRA NET ASSET VALUE FURTHER INCREASED Net asset value (NAV) amounted to €1,650.4 million or €30.59 per share as at 31 December 2013, compared with €1,538.9 million or €28.53 per share in 2012. Net asset value per share was therefore 7.2% higher year-on-year. 31.12.2013 31.12.2012 Equity 1,428,949 1,321,914 Deferred taxes 198,491 180,525 Negative swap values 30,760 49,496 Resulting deferred taxes -7,762 -13,057 EPRA NAV 1,650,438 1,538,878 EPRA NAV per share 30.59€ 28.53€ EPRA also recommends that an EPRA NNNAV (triple NAV) be calcu- lated, which should roughly correspond to the liquidation value of the company. This adjusts the EPRA NAV to take account of hidden liabil- ities or undisclosed reserves resulting from the market valuation of bank loans and overdrafts, as well as deferred taxes. As at 31 Decem- ber 2013, EPRA NNNAV amounted to €1,377.7 million, compared with €1,250.3 million in 2012. EPRA NNNAV per share was therefore €25.54 (2012: €23.18), which corresponds to an increase of 10.2%. € THOUSAND NET ASSET VALUE PER SHARE € *EPRA NAV 20132010 2011 20122009 30.59* 28.53*27.64* 26.36*26.63 31.12.2013 31.12.2012 EPRA NAV 1,650,438 1,538,878 Negative swap values -30,760 -49,496 Negative present value of bank loans and overdrafts -62,862 -89,522 Total deferred taxes -179,080 -149,607 EPRA NNNAV 1,377,736 1,250,253 EPRA NNNAV per share 25.54€ 23.18€ OVERALL COMMENT BY THE EXECUTIVE BOARD ON THE ECONOMIC SITUATION The past financial year confirmed that Deutsche EuroShop Group has a successful business model. We have again managed to meet our original expectations. Report on events after the balance sheet date No further significant events occurred between the balance sheet date and the date of preparation of the consolidated financial statements. Outlook The economic review produced by the federal government predicts positive growth for Germany in 2014, although economic imbalances are expected to persist within the eurozone. Gross domestic product (GDP) is forecast to grow by 1.8%. Growth is likely to be driven by sustained strong domestic demand and a sharp rise in exports. The unemployment rate is set to remain at the current level while inflation will be modest. Economic activity could rise slightly – to 42.1 million in employment – and salaries may increase slightly. The German Retail Federation (HDE) predicts that retail sales will advance by 1.1%. The Stability and Growth Pact adopted by the EU member states in 2012 and associated debt brake have essentially eliminated govern- ment investment in some countries, meaning that no significant growth is expected in the foreseeable future in southern EU member states. The global economy remains very delicate. Although the financial market turbulence experienced in 2013 has largely abated, many market participants and the general population are not yet convinced that the crisis is over. € THOUSAND