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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DAX. Germany’s premier equity in- dex. The composition of the DAX is established by Deutsche Börse AG on the basis of the share prices of the 30 lar- gest German companies listed in the Prime Standard in terms of market capitalisation and market turnover. DISCOUNTED-CASHFLOW-MODELL (DCF). Method for the assessment of companies which is used to determine the future pay- ments surplusses and discount them to the valuation date. DIVIDEND. The share of the distributed net profit of a company to which a shareholder is entitled in line with the number of shares he or she holds. EBIT. Earnings before interest and taxes. EBT. Earnings before Taxes. E-COMMERCE. Direct commercial relation- ship between supplier and buyer via the inter- net including the provision of services. EPRA. European Public Real Estate Associa- tion. Based in Brussels, the EPRA is an or- ganisation that represents the interests of the major European property management com- panies and supports the development and market presence of European public proper- ty companies. The wellknown international index named after it, the EPRA index, tracks the performance of the largest European and North American listed property companies. EPS. Earnings per Share. FAIR VALUE. According to IFRS, a potential market price under ideal market conditions for which an as- set value may be traded or an obligation be- tween competent and independent business partners, willing to make a contract, may be settled. ADVERSTISING VALUE EQUIVA- LENCE. Index number for the as- sessment of the monetary value of an editorial article. It is based on the adver- tising rate of the medium. ANNUAL FINANCIAL STATEMENT. Under German (HGB) accounting principles, the an- nual financial statements consist of a com- pany’s balance sheet, profit and loss ac- count, the notes to the financial statements and the management report. The annual fi- nancial statements of a public company are prepared by its executive board, audited by a certified public accountant (in Germany: Wirtschaftsprüfer) and adopted by the super- visory board. BENCHMARK. A standard of com- parison, e.g. an index which serves as a guideline. CASH FLOW PER SHARE (CFPS). The cash flow per share is calculat- ed by dividing the cash flow by the number of shares issued by a company. The cash flow per share is taken as the basis for calculating the price/cash flow ratio. CLASS OF ASSETS. Division of the capital and real estate market into different classes of assets or asset segments. CONSUMER PRICE INDEX. Also called the cost-of-living index, this is calculated in Ger- many by the Federal Statistical Office on a monthly basis. The CPI is the most important statistical indicator of a change in prices; the price of a basket of goods during a given pe- riod is compared with the price of the same basket during the base year. This change is also known as the inflation rate. CORE. Designation of a real estate invest- ment and/or individual properties as well as the name of an investment style. The term refers to the relationship between risk and return. Core designates mature, transpar- ent, sufficiently large markets or high-qual- ity, well-situated properties that are fully let on a long-term basis to tenants with strong credit ratings. Other return/risk categories are value-added and opportunistic. CORPORATE GOVERNANCE. The rules for good, value-driven corporate management. The objective is to control the company’s management and to create mechanisms to oblige executives to act in the interests of their shareholders. COVENANTS. A clause in a loan agreement which pertains to and contractually defines the binding warranties to be adhered to by the borrower during the term of a loan. COVERAGE. Information provided on a list- ed public company by banks and financial analysts in the form of studies and research reports. GlossarY A B C D E F DEUTSCHEEUROSHOPANNUALREPORT2013/SERVICE 192