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SHOPPING76 ANNUAL REPORT 2014Deutsche EuroShop FINANCIAL STATEMENTS 31. Investments accounted for using the equity method Joint ventures in which Deutsche EuroShop AG has a majority of the voting rights together with third parties are proportion- ately included in the consolidated financial statements in ac- cordance with the equity method. They are important for the Group as a whole and operate shopping centers. The joint ventures material to the overall Group posted the fol- lowing asset and liability items and income items for the re- porting year: Allee-Center Magdeburg KG, Hamburg Stadt-Galerie Passau KG, Hamburg Immobilienkommanditgesellschaft FEZ Harburg, Hamburg EKZ Eins Errichtungs- und Betriebs Ges. m.b.H. & Co. OG, Vienna* Einkaufs-Center Arkaden Pécs KG, Hamburg in € thousand 31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 Non-current assets 246,400 241,560 147,100 142,100 206,263 192,530 187,310 180,720 77,540 74,120 Current assets 1,324 932 373 304 1,171 584 493 403 284 561 Cash and cash equivalents 1,206 1,253 1,293 962 2,067 1,905 1,093 1,174 1,806 1,853 Non-current liabilities 0 0 0 0 107,981 107,444 91,831 91,898 29,641 31,662 Current liabilities 971 628 593 309 4,528 2,106 817 735 1,875 2,009 Revenue 16,041 15,891 9,535 9,250 12,437 12,288 11,990 11,779 7,061 6,974 Net interest income 4 4 0 0 -5,694 -5,759 -5,200 -5,201 -1,765 -1,864 Net profit 19,067 15,000 13,705 9,007 11,346 5,649 12,473 10,855 6,860 4,135 Other income 0 0 0 0 0 0 0 0 0 0 Total profit 19,067 15,000 13,705 9,007 11,346 5,649 12,473 10,855 6,860 4,135 Under the equity method, the joint ventures developed as fol- lows in the period under review: in € thousand Allee-Center Magdeburg KG, Hamburg Stadt-Galerie Passau KG, Hamburg Immobilien- kommandit- gesellschaft FEZ Harburg, Hamburg EKZ Eins Errichtungs- und Betriebs Ges. m.b.H. & Co. OG, Vienna Einkaufs-Center Arkaden Pécs KG, Hamburg Equity method valuation as at 01.01.2014 121,558 107,293 42,735 45,262 21,431 Net profit 9,534 10,278 5,673 6,237 3,430 Dividend -7,112 -6,442 -312 -2,927 -908 Equity method valuation as at 31.12.2014 123,980 111,129 48,096 48,572 23,953 In addition, small property companies in which Deutsche Euro- Shop indirectly or directly has an interest are part of the Group. Deutsche EuroShop exercises a controlling influence over these companies together with other shareholders. However, they are negligible for the assets, financial and earnings position of the Group. During the financial year, the equity-accounted associates posted the following equity method valuation and annual profit/loss: in € thousand 31.12.2014 31.12.2013 Equity method valuation 3,628 3,651 Annual profit/total profit -23 429 32. Earnings per share 2014 2013 Group shareholders’ portion of profits/losses (€ thousand) 177,426 171,043 Weighted number of no-par value shares issued 53,945,536 53,945,536 Basic earnings per share (€) 3.29 3.17 Group shareholders’ portion of profits/losses (€ thousand) 177,426 171,043 Adjustment of interest expense for the convertible bond (€ thousand) 2,152 2,277 Profits/losses used to calculate the diluted earnings per share (€ thousand) 179,578 173,320 Weighted number of no-par value shares issued 53,945,536 53,945,536 Weighted adjustment of potentially convertible no-par value shares 3,014,439 2,909,710 Average weighted number of shares used to determine the diluted earnings per share 56,959,975 56,855,246 Diluted earnings per share (€) 3.15 3.05 Basic earnings per share: Basic earnings per share are determined by dividing the net in- come for the period to which shareholders of Deutsche Euro- Shop AG are entitled by the weighted average number of shares outstanding within the reporting period. Diluted earnings per share: The diluted earnings are calculated by taking the average num- ber of shares outstanding and adding the number of warrants granted in connection with the convertible bond. 3.1 million warrants existed during the year under review. Due to the fact that the convertible bond was issued mid-year, the warrants is- sued in connection with the convertible bond were recognised on a pro rata basis in 2012. It is anticipated that the convertible bonds will be exchanged for shares in full. The profits/losses will be adjusted accordingly for interest expense and tax effects. Related parties for the purposes of IAS 24 Deutsche EuroShop AG’s subsidiaries, joint ventures and as- sociates as well as the members of its Executive Board and Su- pervisory Board and their close family members are regarded as related parties for the purposes of IAS 24. The remuneration of the Supervisory Board and the Executive Board is described in the “Supervisory Board and Executive Board” section and also in the remuneration report part of the group management report. Fees for service contracts with the ECE Group totalled €15,931 thousand (previous year: €15,561 thousand). This amount was partially offset by income from lease agreements with the ECE Group in the amount of €6,573 thousand (previous year: €5,655 thousand). Receivables from ECE were €2,885 thou- sand, while liabilities were €249 thousand. Transactions with related parties involving the provision of goods and services were at standard market rates. Other financial obligations There are other financial obligations of €68.0 million arising from service contracts (previous year: €81.7 million). There are financial obligations of €11.5 million which will arise in 2015 in connection with investment measures in our shop- ping centers. Events after the balance sheet date No further significant events occurred between the balance sheet date and the date of preparation of the financial statements. Other disclosures An average of four (previous year: four) staff members were em- ployed in the Group during the financial year. * Includes the figures for the immaterial joint venture CAK City Arkaden Klagenfurt KG, Hamburg. The equity method valuation amounted to €895 thousand (previous year: €859 thousand) and the net loss €38 thousand (previous year: -€38 thousand). Hamburg, 16 April 2015 Deutsche EuroShop AG The Executive Board Claus-Matthias Böge Olaf Borkers Wilhelm Wellner in € thousand 31.12.201431.12.201331.12.201431.12.201331.12.201431.12.201331.12.201431.12.201331.12.201431.12.2013 Non-current assets 246,400241,560147,100142,100206,263192,530187,310180,72077,54074,120 Current assets 1,3249323733041,171584493403284561 Cash and cash equivalents 1,2061,2531,2939622,0671,9051,0931,1741,8061,853 Non-current liabilities 0000107,981107,44491,83191,89829,64131,662 Current liabilities 9716285933094,5282,1068177351,8752,009 Revenue 16,04115,8919,5359,25012,43712,28811,99011,7797,0616,974 Net interest income 4400 -5,694 -5,759 -5,200 -5,201 -1,765 -1,864 Net profit 19,06715,00013,7059,00711,3465,64912,47310,8556,8604,135 Other income 0000000000 Total profit 19,06715,00013,7059,00711,3465,64912,47310,8556,8604,135 Equity method valuation as at 01.01.2014121,558107,29342,73545,26221,431 Net profit 9,53410,2785,6736,2373,430 Equity method valuation as at 31.12.2014123,980111,12948,09648,57223,953 in € thousand 31.12.201431.12.2013 Equity method valuation 3,6283,651 Annual profit/total profit -23429 20142013 profits/losses (€ thousand) 177,426171,043 issued 53,945,53653,945,536 Basic earnings per share (€) 3.293.17 profits/losses (€ thousand) 177,426171,043 the convertible bond (€ thousand) 2,1522,277 diluted earnings per share (€ thousand) 179,578173,320 issued 53,945,53653,945,536 convertible no-par value shares 3,014,4392,909,710 determine the diluted earnings per share 56,959,97556,855,246 Diluted earnings per share (€) 3.153.05