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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/CONSOLIDATEDFINANCIALSTATEMENTS 145 BASIS OF CONSOLIDATION AND CONSOLIDATION METHODS BASIS OF CONSOLIDATION SUBSIDIARIES The consolidated financial statements include all subsidiaries in which Deutsche EuroShop AG directly or indirectly holds a majority of voting rights. As at 31 December 2013, the basis of consolidation comprised, in addition to the parent company, twelve (previous year: 12) fully consolidated domestic and foreign subsidiaries. Suspension of the voting trust agreement with two property companies A voting trust 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 com- panies. These voting trust agreements were terminated by mutual agreement at midnight on 31 December 2012. As a result, Deutsche EuroShop no longer has the necessary majority voting interest. The two companies in which Deutsche EuroShop AG holds a 50% and 75% stake respectively, were previously fully consolidated. After their decon- solidation they were also switched to the equity-accounted method as of 1 January 2013, with the result that the fol- lowing asset and liability items from the consolidated balance sheet are no longer shown: 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 The fair value of disposed net assets was accounted for as “investments accounted for using the equity method”. Withdrawal of Deutsche EuroShop AG from DB 12 Immobilienfonds 12 Main-Taunus-Zentrum KG, Hamburg As of 31 December 2012, Deutsche EuroShop withdrew as a limited partner from DB Immobilienfonds 12 Main-Taunus- Zentrum KG (DB 12 KG). As compensation, Deutsche EuroShop received its limited partnership interest in the Main- Taunus-Zentrum KG, which had previously been held directly via DB 12 KG, plus a proportionate share of cash and cash equivalents in the amount of €1.5 million. DB 12 KG had previously been fully consolidated. The company was deconsolidated on 1 January 2013, with the result that the following asset and liability items from the consolidated balance sheet as of 31 December 2012 are no longer shown: € THOUSAND