DES GB2015 Englisch

in € thousand 31.12.2015 31.12.2014 Difference Change in% Allee-Center, Magdeburg 8,037 8,021 16 0.2 Phoenix-Center, Harburg 6,187 6,218 -31 -0.5 Stadt-Galerie, Passau 7,220 7,151 69 1.0 City-Arkaden, Klagenfurt 6,054 5,995 59 1.0 Árkád, Pécs 3,674 3,531 143 4.0 Others 353 606 -253 -41.7 Revenue 31,525 31,522 3 0.0 Property operating costs -1,616 -1,496 -120 Property management costs -1,632 -1,624 -8 Net operating income 28,277 28,402 -125 Other operating income 271 852 -581 Other operating expenses -907 -334 -573 Earnings before interest and taxes (EBIT) 27,641 28,920 -1,279 Interest income 1 9 -8 Interest expense -6,331 -6,415 84 Net finance costs -6,330 -6,406 76 Valuation gains/losses 47,180 12,689 34,491 Earnings before tax (EBT) 68,491 35,203 33,288 Taxes on income and earnings -135 -75 -60 SHARE IN THE PROFIT / LOSS OF JOINT VENTURES 68,356 35,128 33,228 Interest expense decreased by €2.6 million, from €58.6 million to €56.0 million, helped by cheaper refinancing for the Forum Wetzlar and regular repayments on existing loans. Other financial expense con- sisted mainly of a measurement gain on an interest rate swap for the financing of the Altmarkt-Galerie Dresden in the amount of €2.3 mil- lion (2014: €-0.6 million). The profit attributable to third-party shareholders rose by €0.9 million to €17.0 million (2014: €16.1 million), as the operating earnings contri- butions of the various companies also rose. Interest income of €0.2 million was slightly lower than in the previ- ous year. Measurement gains significantly higher than in previous year Measurement of the Group’s portfolio properties in accordance with IAS 40 led to measurement gains of €285.4 million (2014: €88.3 million). The share of third-party shareholders in this result during the finan- cial year was €64.4 million (2014: €11.3 million). Accordingly, meas- urement gains attributable to the Group improved year-on-year from €77.0 million to €220.6 million. The average value of Group properties after ongoing investments rose by 9.4%; individual measurement gains/losses ranged between -5.3% and +19.9%. This development is based on the latest rental market fore- casts, which assume slight rises in rents in the medium term, and of a stable cost ratio, but principally on the basis of comparative yields on the German and international transaction markets, which have again contracted substantially. This trend was particularly marked for first- rate, dominant shopping centers in prime locations, such as the Main- Taunus-Zentrum which draws its customers from Frankfurt, but also for very good centers in second-tier locations, such as the City-Galerie Wolfsburg. Such shopping center properties remain in strong demand from investors because of the dearth of alternative investment op- portunities, and some notched up double-digit increases in value. By contrast, slower trends in rents in particular led to depreciation in the value of the Rathaus-Center Dessau. Income statement of the joint ventures MANAGEMENT REPORT 121 Allee-Center, Magdeburg 8,0378,021160.2 Phoenix-Center, Harburg 6,1876,218 -31 -0.5 Stadt-Galerie, Passau 7,2207,151691.0 City-Arkaden, Klagenfurt 6,0545,995591.0 Árkád, Pécs 3,6743,5311434.0 Others 353606 -253 -41.7 Revenue 31,52531,52230.0 Net operating income 28,27728,402 -125 Other operating income 271852 -581 Earnings before interest and taxes (EBIT) 27,64128,920 -1,279 Interest income 19 -8 Interest expense -6,331 -6,41584 Net finance costs -6,330 -6,40676 Valuation gains/losses 47,18012,68934,491 Earnings before tax (EBT) 68,49135,20333,288 SHARE IN THE PROFIT / LOSS OF JOINT VENTURES 68,35635,12833,228

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