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/CONSOLIDATEDFINANCIALSTATEMENTS 180 The fair value of the liabilities listed above in level 2 was calculated in accordance with generally accepted valuation methods based on the discounted cash flow method. The interest price and market price parameters applicable on the reporting date were applied. The profit/loss share of third-party shareholders of €15,939 thousand (previous year: €15,271 thousand) is also included in net finance costs. Impairment charges on receivables (€583 thousand) are recognised in the property operating costs. RISK MANAGEMENT In risk management, the emphasis is on ensuring compliance with the strategy and, building on this, on identifying and assessing risks and opportunities, as well as on the fundamental decision to manage these risks. Risk manage- ment ensures that risks are identified at an early stage and can then be evaluated, communicated promptly and miti- gated. Risk analysis involves the identification and analysis of factors that may jeopardise the achievement of goals. MARKET RISKS LIQUIDITY RISK The liquidity of Deutsche EuroShop Group is continuously monitored and planned. The subsidiaries regularly have suf- ficient cash to be able to pay for their current commitments. Furthermore, credit lines and bank overdrafts can be utilised at short notice. The contractually agreed future interest and principal repayments of the original financial liabilities and derivative financial instruments are as follows as at 31 December 2013: Carrying amount 31.12.2013 Cash flows 2014 Cash flows 2015 to 2018 Cash flows from 2019 Convertible bond 93,556 1,750 105,053 0 Bank loans and overdrafts 1,393,203 151,635 481,074 1,142,475 The amounts relate to all contractual commitments existing on the balance sheet date. The majority of the trade pay- ables and other financial liabilities reported at the end of the financial year will fall due in 2013. CREDIT AND DEFAULT RISK There are no significant credit risks in the Group. The trade receivables reported on the reporting date were predom- inantly paid up to the date of preparation of the financial statements. During the reporting year, write-downs of rent receivables of €583 thousand (previous year: €626 thousand) were recognised under property operating costs. The maximum default risk in relation to trade receivables and other assets totalled €12,043 thousand (previous year: €10,466 thousand) as at the reporting date. € THOUSAND