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ePaper created 2015-05-08, 10:57:20 | version 1.38.0
SHOPPING72 ANNUAL REPORT 2014Deutsche EuroShop FINANCIAL STATEMENTS Other total income is divided into the following components: 2014 in € thousand Before taxes Taxes Net Measurement of invest- ments (AfS) IAS 39 -7 0 -7 Cash flow hedge -17,435 2,841 -14,594 -17,442 2,841 -14,601 2013 in € thousand Before taxes Taxes Net Measurement of invest- ments (AfS) IAS 39 3,606 0 3,606 Change of investments (AfS) IAS 39 -15,799 0 -15,799 Cash flow hedge 11,217 -2,869 8,348 Investments accounted for using the equity method 7,519 -2,427 5,092 Other 0 -58 -58 6,543 -5,354 1,189 12. Non-current and current financial liabilities in € thousand 31.12.2014 31.12.2013 Non-current bank loans and overdrafts 1,279,539 1,295,996 Current bank loans and overdrafts 55,282 97,207 Bonds 95,264 93,556 1,430,085 1,486,759 Bank loans and overdrafts are recognised at amortised cost on the balance sheet date. The present value of loans is redetermined at the reporting date. To do so, the annuities due up to this date, together with any residual amount according to the redemption schedule, are discounted at the reporting date at market rates of interest plus a margin. This recurring fair value measurement is in accordance with level 2 of the IFRS 13 fair value hierarchy. The fair value of the bank loans and overdrafts at the report- ing date is €1,450,483 thousand (previous year: €1,446,517 thousand). Bank loans and overdrafts relate to loans raised to finance prop- erty acquisitions and investment projects. Land charges on Company properties totalling €1,334,821 thousand (previ- ous year: €1,393,203 thousand) serve as collateral. Discounts are amortised over the term of the loan. In the year under review, €1,079 thousand (previous year: €1,531) was recognised in income. Twelve of the 19 loan agreements currently contain arrange- ments regarding covenants. There are a total of 18 different con- ditions on different debt service cover ratios (DSCR), interest cover ratios (ICR), changes in rental income, the equity ratio and loan-to-value ratios (LTV). The credit conditions have not to date been breached, and according to the current planning will not be breached in 2015–2017 either. Deutsche EuroShop issued a convertible bond on 14 Novem- ber 2012. Convertible bonds with a five-year maturity and total value of €100 million were placed. The initial conversion price is €32.66; the coupon is 1.75% per year and is payable semi- annually in arrears. The convertible bonds were issued at 100% of their nominal value of €100,000.00 each and can initially be converted to 3,061,849 shares in Deutsche EuroShop AG in accordance with the conversion ratio and the terms and con- ditions of the convertible bonds. The proceeds from the issue amounted to €100 million. No conversion rights were exercised by 31 December 2014. The amount of the convertible bond was divided into equity and debt components. The equity component accounted for a total amount of €7,140 thousand which was placed in capital reserves. 13. Deferred tax liabilities in € thousand as at 01.01.2014 Utilisation Reversal Addition as at 31.12.2014 Deferred taxes on properties 208,426 0 -7,174 39,075 240,327 Deferred taxes on derivatives -1,499 0 0 -97 -1,596 Deferred taxes recognised directly in equity -8,436 0 1,000 -3,840 -11,276 198,491 0 -6,174 35,138 227,455 Deferred tax liabilities relate primarily to properties reported at fair value in accordance with IAS 40. At the reporting date, they totalled €249,462 thousand (previous year: €220,754 thousand) and were partially offset by deferred tax assets on tax loss carryforwards of €9,134 thousand (previous year: €12,329 thousand). The deferred tax on derivatives concerns an interest rate swap, which is to be measured through profit and loss following the ac- quisition of the remaining shares in Altmarkt-Galerie Dresden. The deferred taxes are formed for interest rate swaps, which due to an effective hedging relationship with the underlying transaction are recognised directly in equity. From 2015 another property company fulfils the conditions for taking advantage of the extended trade tax reduction. As a result, it was possible to release deferred trade tax provisions in the amount of €6,174 thousand. in € thousand as at 01.01.2014 Utilisation Reversal Addition as at 31.12.2014 Deferred taxes on domestic companies 168,843 0 -6,174 31,277 193,946 Deferred taxes on foreign companies 29,648 0 0 3,861 33,509 198,491 0 -6,174 35,138 227,455 14. Trade payables in € thousand 31.12.2014 31.12.2013 Construction services 271 976 Other 827 2,375 1,098 3,351 15. Tax liabilities in € thousand as at 01.01.2014 Utilisation Reversal Addition as at 31.12.2014 Income taxes 496 423 0 180 253 Real estate transfer tax 540 206 0 0 334 Real property tax 321 142 0 91 270 1,357 771 0 271 857 16. Other provisions in € thousand as at 01.01.2014 Utilisation Reversal Addition as at 31.12.2014 Maintenance and construction services already performed but not yet invoiced 2,854 2,409 232 3,104 3,317 Fees 2 2 0 1,782 1,782 Other 3,948 2,572 209 3,533 4,700 6,804 4,983 441 8,419 9,799 Other provisions contain the present value (€1,777 thousand) of a long-term incentive plan which was contractually agreed between the Executive Board and employees of Deutsche Euro- Shop AG with effect from 1 July 2010. The term is five years, and the plan is based on the performance of the Company’s mar- ket capitalisation up to 30 June 2015. Please also refer to the details in the remuneration report, which is part of the man- agement report. All other provisions have a term of up to one year. ments (AfS) IAS 39 -70 -7 Cash flow hedge -17,4352,841 -14,594 -17,4422,841 -14,601 ments (AfS) IAS 393,60603,606 (AfS) IAS 39 -15,7990 -15,799 Cash flow hedge 11,217 -2,8698,348 using the equity method 7,519 -2,4275,092 6,543 -5,3541,189 in € thousand 31.12.201431.12.2013 Non-current bank loans and overdrafts 1,279,5391,295,996 Current bank loans and overdrafts 55,28297,207 Bonds 95,26493,556 1,430,0851,486,759 Deferred taxes on properties 208,4260 -7,17439,075240,327 Deferred taxes on derivatives -1,49900 -97 -1,596 Deferred taxes recognised directly in equity -8,43601,000 -3,840 -11,276 198,4910 -6,17435,138227,455 Deferred taxes on domestic companies 168,8430 -6,17431,277193,946 Deferred taxes on foreign companies 29,648003,86133,509 198,4910 -6,17435,138227,455 in € thousand 31.12.201431.12.2013 Construction services 271976 Other 8272,375 1,0983,351 Income taxes 4964230180253 Real estate transfer tax 54020600334 Real property tax 321142091270 1,3577710271857 performed but not yet invoiced 2,8542,4092323,1043,317 Fees 2201,7821,782 Other 3,9482,5722093,5334,700 6,8044,9834418,4199,799