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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/CONSOLIDATEDFINANCIALSTATEMENTS 146 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 Company’s direct shareholding in Main-Taunus-Zentrum KG from 5.74% to 52.01%. Shareholding in Altmarkt-Galerie Dresden KG increased to 100% With effect from 1 May 2013, Deutsche EuroShop AG acquired 33% of the Altmarkt-Galerie Dresden KG, thus taking its shareholding to 100%. The purchase price was €70.2 million. The property company was fully consolidated as of 1 May 2013. No excess of identified net assets acquired over cost of acquisition resulted from the first-time consoli- dation. In the whole of 2013 the company posted revenue of €24,540 thousand and a loss of €31,639 thousand. In the period from 1 May to 31 December 2013, turnover amounted to €16,129 thousand and the profit for the year to €28,592 thousand. Carrying amounts Fair value Purchase price 70,216 70,216 Fair value net assets prior to effective control 111,637 111,637 Full amount of consideration 181,853 181,853 Net assets acquired: Property assets 392,735 392,735 Cash and cash equivalents 10,778 10,778 Receivables and other assets 1,342 1,342 Loan liabilities 187,107 187,107 Deferred taxes 21,743 21,743 Provisions 885 885 Other liabilities 13,267 181,853 13,267 Excess of identified net assets acquired over cost of acquisition 0 0 Sale of Kommanditgesellschaft PANTA Achtundvierzigste Grundstücksgesellschaft GmbH&Co., Hamburg With effect from 30 September 2013 the shares in Kommanditgesellschaft PANTA Achtundvierzigste Grundstücks- gesellschaft m.b.H.&Co., Hamburg were sold for a purchase price of €25 thousand. The previously equity-accounted net asset value of €437 thousand was offset against outstanding obligations to make capital contributions of €435 thou- sand, resulting in sales proceeds in the amount of €23 thousand. By 30 September 2014 the company generated a net loss amounting to €6 thousand, which is included in the net finance costs. JOINT VENTURES Joint ventures in which Deutsche EuroShop AG has a majority of the voting rights together with third parties are accounted for using the equity method. Six companies fall into this category as at the balance sheet date. Please also note the explanations of the “Changes in accounting and valuation methods”. ASSOCIATES In accordance with IAS 28, where Deutsche EuroShop AG can exercise a significant influence but not control over compa- nies, these are accounted for using the equity method. Five companies fall into this category as at the balance sheet date. € THOUSAND € THOUSAND