DES GB2015 Englisch

Funds from operations (FFO) up 2.4% Funds from operations (FFO) are used to finance our ongoing invest- ments in portfolio properties, scheduled repayments on our long-term bank loans and the distribution of dividends. During the year under review, FFO of €123.4 million was generated – a 2.4% increase from the previous year’s €120.5 million. FFO per share rose by 2.7% from €2.23 to €2.29. in € thousand 2015 2014 Consolidated profit 309,282 177,426 Measurement gains/losses -220,556 -76,986 Measurement gains/losses for equity-accounted companies -47,180 -12,688 Bond conversion expense 967 967 Deferred taxes 80,851 31,805 FFO 123,364 120,524 FFO per share 2.29€ 2.23€ Weighted no. of shares in thousands 53,946 53,946 Dividend proposal: €1.35 per share Based on a successful financial year, we are able to maintain our divi- dend policy, which is geared towards the long term and continuity. The Executive Board and Supervisory Board will therefore propose to the shareholders at the Annual General Meeting in Hamburg on 15 June 2016 that a dividend of €1.35 per share, 3.8% or €0.05 higher than the previous year, be distributed for financial year 2015. An estimat- ed €0.63 per share of the dividend will be subject to the deduction of capital gains tax. FFO per share in€ 2.29 2015 2012 2013 2014 2011 2.23 1.61 1.66 2.08 FINANCIAL POSITION Principles and objectives of financial management For the purposes of financing its investments, Deutsche EuroShop uses the stock exchange to raise equity, as well as the credit and capital mar- kets to borrow funds. Within the Group, both the individual property companies and Deutsche EuroShop AG borrow from banks and serve as bond issuers. Deutsche EuroShop’s credit standing has been shown to be advantageous when negotiating loan terms. The Group can also arrange its financing independently and flexibly. Loans and bonds are taken out in euros for all Group companies. In general, the use of equity and loans for investments should be equally weighted and the equity ratio in the Group (including third-party inter- ests) should not fall significantly below 45%. We finance our real estate projects on a long-term basis and also use derivative financial instruments to hedge against rising capital mar- ket rates. Hedging transactions are used to hedge individual loans. An available credit line enables Deutsche EuroShop to react quickly to investment opportunities. Until used for investment, any cash not need- ed is invested short-term as time deposits to finance ongoing costs or pay dividends. Financing analysis: further improvement in key financials and interest rates As at 31 December 2015, Deutsche EuroShop Group reported the following key financial data: in € million 2015 2014 Change Total assets 3,851.6 3,492.2 +359.4 Equity (including third-party interests) 2,061.0 1,751.2 +309.8 Equity ratio (%) 53.5 50.1 +3.4 Net financial liabilities 1,336.9 1,371.8 -34.9 Loan to value ratio (%) 35.5 40.0 -4.5 MANAGEMENT REPORT 123 Consolidated profit 309,282177,426 Bond conversion expense 967967 Deferred taxes 80,85131,805 FFO 123,364120,524 in thousands 53,94653,946 201220132014 1.611.66 Total assets 3,851.63,492.2 +359.4 third-party interests) 2,061.01,751.2 +309.8 Equity ratio (%) 53.550.1 +3.4 Net financial liabilities 1,336.91,371.8 -34.9 Loan to value ratio (%) 35.540.0 -4.5

Pages Overview