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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
PERFORMANCE. The term performance de- scribes the percentage appreciation of an in- vestment or a securities portfolio during a given period. REIT. REIT stands for “Real Estate Investment Trust”. REITs are listed real estate corporations that are exempt from tax at the company level. To qualify, a minimum of 75% of their income must come from real estate rental, leasing and sales and 90% of profits must be distrib- uted to shareholders as dividends. RETAIL SPACE. Space in a building and/or an open area that is used for sales by a re- tail operation and that is accessible to cus- tomers. Service areas required for opera- tional and legal purposes are not taken into account, nor are stairways or shop windows. The retail space is part of the leasable space of a business. ROADSHOW. Corporate presentations to institutional in vestors. SAVINGS RATIO. Share of savings of the income available in house- holds. SUBPRIME. Mortgage loan to borrower with a low degree of creditworthiness. TECDAX. The successor to the NEMAX 50, comprising the 30 larg- est German listed technology secu- rities in terms of market capitalisation and market turnover. VOLATILITY. Statistical measure for price fluctuations. The greater the fluctuations in the price of a se- curity, the higher its volatility. XETRA. An electronic stock ex- change trading system that, in con- trast to floor trading, uses and open order book, thus increasing market transpar- ency. The trading hours are currently 9,00 a.m. to 5,30 p.m. FERI-RATING. Short for FERI real estate rat- ing. A science-based system for the determi- nation of an achievable sustained market value (criteria: predicted net earnings, tak- ing into account the location’s and property’s attractiveness) and property rating (risk/ return ratio). FOOD COURT. Catering area of a shopping center, in which different vendors sell food at stations about a common seating area. FREE CASH FLOW. The surplus cash gener- ated from operating activities recognised in the profit and loss account. This expresses a company’s internal financing power, which can be used for investments, the repayment of debt, dividend payments and to meet fund- ing requirements. FUNDS FROM OPERATIONS (FFO). Cash flows from operating activities. DES-calcula- tion: net income for the period adjusted for measurement gains/losses and deferred in- come tax expense. GEARING. Ratio which shows the relationship between liabilities and equity. HEDGE ACCOUNTING. Financial mapping of two or more financial instruments that hedge one another. IFO BUSINESS CLIMATE INDEX. The ifo Business Climate Index is an important forward indicator for economic development in Germany. In order to calculate the index, the ifo Institute asks approximately 7.000 companies every month for their assessment of the economic situati- on and their short-term corporate planning. INTEREST RATE SWAP. Exchange of fixed and variable interest pay able on two nomi- nal amounts of capital for a fixed period. By means of an interest rate swap, interest rate risks may be controlled actively. INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS). International Financi- al Reporting Standards are based on Inter- national Accounting Standards (IASs). Since 1 January 2005, listed companies have been required to apply IFRSs. IASs/IFRSs focus on the decision-usefulness of accounts. The key requirement with regard to the annual finan- cial statements is fair presentation that is not qualified by aspects of prudence or risk pro- vision. LOAN TO VALUE. Ratio that ex- presses the amount of a mortgage as a percentage of the market value of real property. MALL. Row of shops in a shopping center. MARKET CAPITALISATION. The current quoted price for a share multiplied by the number of shares listed on the stock. MDAX. German mid-cap index comprising the 50 most important securities after the DAX members. exchange. Market capitalisa- tion is calculated for individual companies, sectors, and entire stock markets, thus ena- bling comparisons between them. MULTI CHANNELLING. Using a combination of online and offline communication tools in marketing. NET ASSET VALUE (NAV). Wert des Vermögens abzüglich der Verbindlichkeiten. Bezogen auf eine Aktie stellt der NAV deren inneren Wert dar. Zieht man vom NAV die latenten Steuern ab, erhält man den Net Net Asset Value (NNAV). PEER-GROUP. A share price per- formance benchmark consisting of companies from similar sectors, put together on the basis of individual criteria. G H I L M N P R S T V X DEUTSCHEEUROSHOPANNUALREPORT2013/SERVICE 193