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79Deutsche EuroShopANNUAL REPORT 2014 SERVICE Adverstising value equivalence Index number for the assessment of the mon- etary value of an editorial article. It is based on the advertising rate of the medium. Annual financial statement Under German (HGB) accounting principles, the annual financial statements consist of a company’s balance sheet, profit and loss ac- count, the notes to the financial statements and the management report. The annual fi- nancial statements of a public company are prepared by its executive board, audited by a certified public accountant (in Germany: Wirtschaftsprüfer) and adopted by the super- visory board. Benchmark A standard of comparison, e.g. an index which serves as a guideline. Cash flow per share (CFPS) The cash flow per share is calculated by divid- ing the cash flow by the number of shares is- sued by a company. The cash flow per share is taken as the basis for calculating the price/ cash flow ratio. Class of assets Division of the capital and real estate market into different classes of assets or asset seg- ments. Consumer price index Also called the cost-of-living index, this is cal- culated in Germany by the Federal Statistical Office on a monthly basis. The CPI is the most important statistical indicator of a change in prices; the price of a basket of goods during a given period is compared with the price of the same basket during the base year. This change is also known as the inflation rate. Core Designation of a real estate investment and/or individual properties as well as the name of an investment style. The term refers to the rela- tionship between risk and return. Core desig- nates mature, transparent, sufficiently large markets or high-quality, well-situated proper- ties that are fully let on a long-term basis to tenants with strong credit ratings. Other re- turn/risk categories are value-added and op- portunistic. Corporate governance The rules for good, value-driven corporate management. The objective is to control the company’s management and to create mecha- nisms to oblige executives to act in the inter- ests of their shareholders. Covenants A clause in a loan agreement which pertains to and contractually defines the binding warran- ties to be adhered to by the borrower during the term of a loan. Coverage Information provided on a listed public compa- ny by banks and financial analysts in the form of studies and research reports. DAX Germany’s premier equity index. The compo- sition of the DAX is established by Deutsche Börse AG on the basis of the share prices of the 30 largest German companies listed in the Prime Standard in terms of market capitalisa- tion and market turnover. Discounted-Cashflow-Modell (DCF) Method for the assessment of companies which is used to determine the future pay- ments surplusses and discount them to the valuation date. Dividend The share of the distributed net profit of a company to which a shareholder is entitled in line with the number of shares he or she holds. EBIT Earnings before interest and taxes. EBT Earnings before Taxes. E-commerce Direct commercial relationship between sup- plier and buyer via the internet including the provision of services. EPRA European Public Real Estate Association. Based in Brussels, the EPRA is an organisation that represents the interests of the major Europe- an property management companies and sup- ports the development and market presence of European public property companies. The wellknown international index named after it, the EPRA index, tracks the performance of the largest European and North American listed property companies. International financial reporting standards (IFRS) International Financial Reporting Standards are based on International Accounting Stand- ards (IASs). Since 1 January 2005, listed compa- nies have been required to apply IFRSs. IASs/ IFRSs focus on the decision-usefulness of ac- counts. The key requirement with regard to the annual financial statements is fair presentation that is not qualified by aspects of prudence or risk provision. Loan to value Ratio that ex-presses the amount of a mort- gage 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 capitalisation is calculated for individual companies, sectors, and entire stock markets, thus enabling comparisons bet- ween them. Multi channeling Using a combination of online and offline com- munication tools in marketing. Net asset value (NAV) The value of an asset after deduction of liabili- ties. With regard to shares, the NAV consti- tutes their intrinsic value. The net net asset value (NNAV) is calculated by deducting de- ferred taxes from the NAV. Peer-group A share price performance benchmark consist- ing of companies from similar sectors, put to- gether on the basis of individual criteria. Performance The term performance describes the percent- age appreciation of an investment or a securi- ties 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 EPS Earnings per Share. Fair value The Fair Value is the price that would be re- ceived to sell an asset or paid to transfer a liabili- ty in an orderly transaction between market par- ticipants at the measurement date (exit price). FERI-rating Short for FERI real estate rating. A science- based system for the determination of an achievable sustained market value (criteria: predicted net earnings, taking 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 generated from operating activities recognised in the profit and loss ac- count. This expresses a company’s internal financing power, which can be used for in- vestments, the repayment of debt, dividend payments and to meet funding requirements. Funds from operations (FFO) Cash flows from operating activities. DES-cal- culation: net income for the period adjusted for measurement gains/losses and deferred income tax expense. Gearing Ratio which shows the relationship between liabilities and equity. Hedge accounting Financial mapping of two or more financial in- struments 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 compa- nies every month for their assessment of the economic situation and their short-term cor- porate planning. Interest rate swap Exchange of fixed and variable interest pay able on two nominal amounts of capital for a fixed period. By means of an interest rate swap, interest rate risks may be controlled actively. must come from real estate rental, leasing and sales and 90% of profits must be distributed to shareholders as dividends. Retail space Space in a building and/or an open area that is used for sales by a retail operation and that is accessible to customers. Service areas re- quired for operational 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 households. Subprime. Mortgage loan to borrower with a low degree of creditworthiness. TecDAX The successor to the NEMAX 50, comprising the 30 largest German listed technology se- curities in terms of market capitalisation and market turnover. Volatility Statistical measure for price fluctuations. The greater the fluctuations in the price of a secu- rity, the higher its volatility. Xetra An electronic stock ex-change trading system that, in contrast 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. C in € millions 2003 2004 2005 2006 2007 2008 2009 2010 2011 20125 20135 20145 Revenue 57.9 61.4 72.1 92.9 95.8 115.3 127.6 144.2 190.0 178.2 188.0 200.8 EBIT 39.5 49.8 57.5 86.3 78.5 98.1 110.7 124.0 165.7 151.6 165.8 177.5 Net finance costs -17.8 -19.2 -39.3 -41.0 -39.6 -49.4 -55.9 -60.2 -79.1 -62.1 -34.1 -39.8 Measurement gains/losses 5.6 8.0 40.0 68.8 39.0 38.3 -14.8 33.1 50.1 13.9 56.0 77.0 EBT 27.3 38.6 68.1 117.7 77.8 87.0 40.1 97.0 136.7 103.4 187.6 214.7 Consolidated profit 19.0 27.7 48.7 100.3 94.2 68.9 34.4 -7.8 99.0 122.5 171.0 177.4 FFO per share (€) 0.82 0.86 0.97 1.08 1.12 1.38 1.40 1.35 1.61 1.68 2.08 2.23 Earnings per share (€)1 0.61 0.89 1.55 2.92 2.74 1.96 0.88 -0.17 1.92 2.36 3.17 3.29 Equity2 695.3 684.4 787.4 897.9 974.0 977.8 1,044.4 1,441.5 1,473.1 1,606.1 1,642.4 1,751.2 Liabilities 545.2 685.8 756.1 898.3 1,002.3 1,029.1 1,067.8 1,522.1 1,752.0 1,741.5 1,752.5 1,741.0 Total assets 1,240.5 1,370.2 1,543.6 1,796.2 1,976.3 2,006.8 2,112.1 2,963.6 3,225.1 3,347.6 3,394.9 3,492.2 Equity ratio (%)2 56.1 49.9 51.0 50.0 49.3 48.7 49.5 48.6 45.7 48.0 48.4 50.1 Gearing (%)2 78 100 96 100 103 105 102 106 119 108 107 99.0 Cash and cash equivalents 102.0 150.3 197.2 94.2 109.0 41.7 81.9 65.8 64.4 161.0 40.8 58.3 Net asset value3 682.5 686.8 794.5 877.4 925.1 942.8 1,006.9 1,361.1 1,427.3 1538,9 1,650.4 1,789.4 Net asset value per share (€)3 21.84 21.98 23.11 25.53 26.91 27.43 26.63 26.36 27.64 28,53 30.59 33.17 Dividend per share (€) 0.96 0.96 1.00 1.05 1.05 1.05 1.05 1.10 1.10 1,20 1.25 1.304 1 undiluted 2 incl. non controlling interests 3 since 2010: EPRA 4 proposal 5 at-equity consolidation QUATERLY FIGURES in € millions Q1/2014 Q2/2014 Q3/2014 Q4/2014 Revenue 50.0 49.7 50.0 51.1 EBIT 44.2 44.1 43.9 45.3 Net finance costs -13.8 -14.2 -13.7 1.9 Measurement gains/losses -1.1 -1.8 -1.5 81.4 EBT 29.3 28.1 28.7 128.6 Consolidated profit 22.6 23.8 23.1 107.9 EPS (€)1 0.42 0.44 0.43 2.00 1 undiluted Multi-year overview Glossary in € millions 20032004200520062007200820092010201120125 Revenue 57.961.472.192.995.8115.3127.6144.2190.0178.2188.0200.8 EBIT 39.549.857.586.378.598.1110.7124.0165.7151.6165.8177.5 Measurement gains/losses 5.68.040.068.839.038.3 -14.833.150.113.956.077.0 EBT 27.338.668.1117.777.887.040.197.0136.7103.4187.6214.7 Consolidated profit 19.027.748.7100.394.268.934.4 -7.899.0122.5171.0177.4 FFO per share (€) 0.820.860.971.081.121.381.401.351.611.682.082.23 0.610.891.552.922.741.960.88 -0.171.922.363.173.29 695.3684.4787.4897.9974.0977.81,044.41,441.51,473.11,606.11,642.41,751.2 Liabilities 545.2685.8756.1898.31,002.31,029.11,067.81,522.11,752.01,741.51,752.51,741.0 Total assets 1,240.51,370.21,543.61,796.21,976.32,006.82,112.12,963.63,225.13,347.63,394.93,492.2 56.149.951.050.049.348.749.548.645.748.048.450.1 781009610010310510210611910810799.0 Cash and cash equivalents 102.0150.3197.294.2109.041.781.965.864.4161.040.858.3 682.5686.8794.5877.4925.1942.81,006.91,361.11,427.31538,91,650.41,789.4 21.8421.9823.1125.5326.9127.4326.6326.3627.6428,5330.5933.17 Dividend per share (€) 0.960.961.001.051.051.051.051.101.101,201.251.304 Revenue 50.049.750.051.1 EBIT 44.244.143.945.3 Net finance costs -13.8 -14.2 -13.71.9 Measurement gains/losses -1.1 -1.8 -1.581.4 EBT 29.328.128.7128.6 Consolidated profit 22.623.823.1107.9 0.420.440.432.00