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SHOPPING74 ANNUAL REPORT 2014Deutsche EuroShop FINANCIAL STATEMENTS In financial year 2014, the effective income tax rate was 20.5%. This figure does not include the effect from tax rates changes and the aperiodic tax income amounting to €6,793 thousand. 29. Notes to the consolidated cash flow statement Notes to the consolidated cash flow statement The cash flow statement has been prepared in accordance with IAS 7 and is broken down into operating cash flow, cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities. Cash and cash equiva- lents consists of cash bank balances and short-term deposits. Composition of cash and cash equivalents in € thousand 31.12.2014 31.12.2013 Cash and cash equivalents 58,284 40,810 Segment reporting As a holding company, Deutsche EuroShop AG holds equity interests in shopping centers in the European Union. The inves- tees are pure real-estate shelf companies without staff of their own. Operational management is contracted out to external service providers under agency agreements, with the result that the companies’ activities are exclusively restricted to asset man- agement. The companies are operated individually. Due to the Company’s uniform business activities within a relatively homogeneous region (the European Union), and in accordance with IFRS 8.12, separate segment reporting is pre- sented in the form of a breakdown by domestic and interna- tional results. As the Group’s main decision-making body, the Deutsche Euro- Shop AG Executive Board largely assesses the performance of the segments based on the EBT before measurement of the in- dividual property companies. The valuation principles for the segment reporting correspond to those of the Group. Intra-Group activities between the segments are eliminated in the reconciliation statement. In view of the geographical segmentation, no further informa- tion pursuant to IFRS 8.33 is given. Operating cash flow After adjustment of the annual profit for non-cash income and expenses, operating cash flow was €133,304 thousand. All changes to cash flows from net finance costs are allocated to operating activities. Cash flow from operating activities Changes in receivables, provisions and liabilities are allocated to cash flow from operating activities. Cash outflows from operating activities includes, among others: • interest income of €0.3 million (previous year: €0.4 million) • interest expense of €56.8 million (previous year: €56.1 million) • income taxes paid of €2.1 million (previous year: €1.8 million) • net allocations to provisions of €8.0 million (previous year: €4.8 million) Breakdown by geographical segment in € thousand Domestic International Reconciliation Total Revenue (previous year’s figures) 185,939 (173,282) 14,846 (14,705) 0 (0) 200,785 (187,987) in € thousand Domestic International Reconciliation Total EBIT (previous year’s figures) 168,598 (156,577) 13,093 (13,435) -4,185 (-4,248) 177,506 (165,764) in € thousand Domestic International Reconciliation Total Net interest income (previous year’s figures) -50,685 (-49,587) -3,729 (-3,834) -3,808 (-3,958) -58,222 (-57,379) in € thousand Domestic International Reconciliation Total Earnings before tax (EBT) (previous year’s figures) 181,069 (155,064) 10,390 (7,142) 23,214 (25,407) 214,673 (187,613) Profits and losses for equity-accounted companies in the amount of €35,129 thousand are primarily disclosed in the reconcilia- tion statement, of which €25,462 thousand are domestic profits and losses and €9,667 thousand international profits and losses. in € thousand Domestic International Total Segment assets (previous year’s figures) 3,262,622 (3,172,348) 229,536 (222,515) 3,492,158 (3,394,863) of which investment properties (previous year’s figures) 2,838,839 (2,746,320) 221,340 (215,843) 3,060,179 (2,962,163) Cash flow from investing activities Cash additions/disposals of non-current assets during the year are recognised. €34.2 million flowed into the company from the disposal of property in Poland from the previous year. In the year under review, investments totalling €9.7 million were made in the portfolio properties. In addition, investments in operating and office equipment totalled €0.1 million. Cash flow from financing activities Moreover, loan reductions resulted in a cash outflow in the amount of €58.4 million. Payments to third-party shareholders include the distributions paid of €14.0 million. In financial year 2014, a dividend of €67.4 million was paid to the shareholders. City-Point, KasselCity-Arkaden, Klagenfurt, Austria in € thousand 31.12.201431.12.2013 Cash and cash equivalents 58,28440,810