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SHOPPING 71ANNUAL REPORT 2014 Deutsche EuroShop FINANCIAL STATEMENTS 2. Property, plant and equipment OTHER EQUIPMENT, OPERATING AND OFFICE EQUIPMENT in € thousand 2014 2013 Costs as at 1 January 530 205 Additions 51 361 Disposals -10 -36 as at 31 December 571 530 Depreciation as at 1 January -117 -93 Additions -71 -54 Disposals 10 30 as at 31 December -178 -117 Carrying amount at 1 January 413 112 Carrying amount at 31 December 393 413 This includes the office equipment of Deutsche EuroShop AG, three company vehicles and tenant fixtures. 3. Investment properties in € thousand 2014 2013 Carrying amount at 1 January 2,962,163 2,824,133 Additions 9,714 18,127 Disposals from deconsolidations 0 -333,370 Additions to basis of consolidation 0 392,735 Unrealised changes in fair value 88,302 60,538 Carrying amount at 31 December 3,060,179 2,962,163 The properties are secured by mortgages. There are land charg- es in the amount of €1,334,821 thousand (previous year: €1,393,203 thousand). The rental income of the properties val- ued in accordance with IAS 40 was €200,785 thousand (pre- vious year: €187,987 thousand). Directly associated operat- ing expenses were €18,984 thousand (previous year: €17,775 thousand). Additions mainly include ongoing investments in portfolio properties. Unrealised changes in market value relate to appreciation and depreciation in accordance with IAS 40. 4. Investments accounted for using the equity method in € thousand 2014 2013 Carrying amount at 1 January 341,907 321,534 Additions for equity-accounted companies 0 148,949 Deposits/withdrawals -17,679 -21,188 Share of profit/loss 35,129 27,024 Appreciations/depreciations recognised directly in equity 0 670 Disposals 0 -135,082 Carrying amount at 31 December 359,357 341,907 This item includes dividend distributions, share in the prof- its/losses and other equity changes of the companies concerned. 5. Other financial assets in € thousand 2014 2013 Costs as at 1 January 34,519 15,381 Additions 0 34,519 Disposals -34,246 -15,381 as at 31 December 273 34,519 Amortisation/impairment losses and reversals as at 1 January 0 14,912 Amortisation/impairment losses and reversals -7 3,606 Additions 0 0 Disposals 0 -18,518 as at 31 December -7 0 Carrying amount at 1 January 34,519 30,293 Carrying amount at 31 December 266 34,519 This item includes the investment in Ilwro Holding B.V., Am- sterdam, that paid a capital distribution and the profit from the disposal of the property in the previous year in the amount of €34.2 million. The investment was decreased in the year under review by €7 thousand to €266 thousand. 6. Other non-current assets in € thousand 31.12.2014 31.12.2013 Other non-current assets 0 155 7. Trade receivables in € thousand 31.12.2014 31.12.2013 Trade receivables 5,671 6,880 Allowances for doubtful accounts -1,161 -1,285 4,510 5,595 Receivables result primarily from rental invoices and services for which charges are passed on. These were predominantly paid at the time the consolidated financial statements were prepared. The amounts recognised at the reporting date are protected by means of guarantees, cash security deposits and letters of comfort. 8. Other current assets in € thousand 31.12.2014 31.12.2013 Interest rate swaps 207 207 Deductible withholding tax on dividends/ solidarity surcharge 14 0 Value added tax receivables 0 230 Other current assets 8,931 5,856 9,152 6,293 Other current assets primarily consist of other receivables from tenants from heating and ancillary costs as well as prepaid costs to protect locations. Receivables in € thousand Total Up to 1 year Over 1 year Trade receivables 4,510 (5,595) 4,510 (5,595) 0 (0) Other assets 9,152 (6,448) 9,152 (6,293) 0 (155) Previous year’s figure in brackets 13,662 (12,043) 13,662 (11,888) 0 (155) Maturity of trade receivables and other assets in € thousand Carrying amount Not overdue Trade receivables 4,510 (5,595) 4,510 (5,595) Other assets 9,152 (6,448) 9,152 (6,448) Previous year’s figure in brackets 13,662 (12,043) 13,662 (12,043) 9. Other financial investments in € thousand 31.12.2014 31.12.2013 Time deposits with a term of over 3 months 0 3,000 10. Cash and cash equivalents in € thousand 31.12.2014 31.12.2013 Short-term deposits/time deposits 15,116 24,378 Current accounts 43,150 16,419 Cash 18 13 58,284 40,810 Notes to the consolidated balance sheet – liabilities 11. Equity and reserves Changes in equity are presented in the statement of changes in equity. The share capital is €53,945,536, comprised of 53,945,536 no-par-value registered shares. The notional value of each share is €1.00. According to Article 5 of the Articles of Association, the Ex- ecutive Board is still authorised, subject to the approval of the Supervisory Board, to increase the Company’s share capital by up to a total of €26,972,768 on one or multiple occasions until 19 June 2018 by issuing no-par-value registered shares against cash and/or non-cash contributions (approved capital 2013). The Executive Board is authorised, subject to the approval of the Supervisory Board and until 15 June 2016, to issue convert- ible bonds with a total nominal value of up to €200,000,000 and maturities of up to ten years and to grant the holders of the respective, equally privileged, bonds conversion rights to new no-par-value shares in the Company up to a total of 10,000,000 shares (€10.0 million) in accordance with the detailed provi- sions of the terms and conditions for convertible bonds (“bond conditions”) (conditional capital 2011). The convertible bonds may also pay a variable rate of interest, in which case, as with a participating bond, the interest may be dependent in full or in part on the level of the Company’s dividend. The parent company of the Group, Deutsche EuroShop AG, is reporting an unappropriated surplus of €70,129 thousand. The Executive Board and the Supervisory Board will propose to distribute this amount as a dividend of €1.30 per share at the Annual General Meeting on 18 June 2015. The previous year’s unappropriated surplus of €67,432 thou- sand was distributed in full to the shareholders. The dividend paid was €1.25 per share. The capital reserves contain amounts in accordance with section 272 (2) nos. 1, 2 and 4 of the Handelsgesetzbuch (HGB – Ger- man Commercial Code). Capital reserves also contain deferred tax assets at the expense of the capital increase amounting to €1,441 thousand. Retained earnings consist of the remeasurement reserves and currency items and accumulated profits carried forward at the time of transition to IFRS. in € thousand 20142013 Costs as at 1 January 530205 Additions 51361 as at 31 December 571530 Disposals 1030 Carrying amount at 1 January 413112 Carrying amount at 31 December 393413 in € thousand 20142013 Carrying amount at 1 January 2,962,1632,824,133 Additions 9,71418,127 Additions to basis of consolidation 0392,735 Unrealised changes in fair value 88,30260,538 Carrying amount at 31 December 3,060,1792,962,163 in € thousand 20142013 Carrying amount at 1 January 341,907321,534 Additions for equity-accounted companies 0148,949 Share of profit/loss 35,12927,024 directly in equity 0670 Carrying amount at 31 December 359,357341,907 in € thousand 20142013 Costs as at 1 January 34,51915,381 Additions 034,519 as at 31 December 27334,519 and reversals as at 1 January 014,912 and reversals -73,606 Additions 00 as at 31 December -70 Carrying amount at 1 January 34,51930,293 Carrying amount at 31 December 26634,519 in € thousand 31.12.201431.12.2013 Other non-current assets 0155 in € thousand 31.12.201431.12.2013 Trade receivables 5,6716,880 4,5105,595 in € thousand 31.12.201431.12.2013 Interest rate swaps 207207 solidarity surcharge 140 Value added tax receivables 0230 Other current assets 8,9315,856 9,1526,293 in € thousand 31.12.201431.12.2013 over 3 months 03,000 in € thousand 31.12.201431.12.2013 Short-term deposits/time deposits 15,11624,378 Current accounts 43,15016,419 Cash 1813 58,28440,810