DES GB2015 Englisch

At €2,061.0 million, the Group’s economic equity capital, which compris- es the equity of the Group shareholders (€1,767.9 million) and that of the third-party shareholders (€293.1 million), was €309.8 million higher than in the previous year. The equity ratio improved year on year from 50.1% to 53.5%. Financial liabilities in € million 2015 2014 Convertible bond 96,972 95,264 Non-current bank loans and overdrafts 1,262,924 1,279,539 Current bank loans and overdrafts 47,711 55,282 TOTAL 1,407,607 1,430,085 Cash and cash equivalents -70,699 -58,284 Net financial liabilities 1,336,908 1,371,801 Current and non-current financial liabilities shrank from €1,430.1 mil- lion to €1,407.6 million in the year under review, a decrease of €22.5 mil- lion. In contrast, cash and cash equivalents rose by €12.4 million, lead- ing net financial liabilities to fall by €34.9 million, from €1,371.8 million to €1,336.9 million. The net financial liabilities existing at the end of the year are used exclusively to finance non-current assets. As a result, 35.5% of non- current assets were financed by loans in the year under review. Finance terms for the consolidated loans (including the convertible bond) as at 31 December 2015 were fixed at an average of 3.69% p.a. (2014: 3.76% p.a.) for an average residual maturity of 5.9 years (2014: 6.6 years). Deutsche EuroShop maintains credit facilities with 21 banks, all of which are German. Loan structure as at 31 December 2015 Of the 21 loans across the Group, 12 are subject to credit covenants with the financing banks. This includes a total of 18 different covenants on debt service cover ratios (DSCRs), interest cover ratios (ICRs), changes in rental income and the loan to value ratio (LTV). All conditions were met. Based on the budgeted figures, compliance with the covenants may also be assumed in the current financial year. Scheduled repayments totalling €17.1 million will be made from cur- rent cash flow during financial year 2016. Over the period from 2017 to 2020, average annual repayments will be €14.8 million. Refinancing of an €81.0 million loan is anticipated for financial year 2016. The €100 million convertible bond must be repaid in 2017 if the bond holders have not made use of their conversion rights by then. Other loans totalling €72.1 million must then be extended in 2018, €123.1 million in 2019 and €134.1 million in 2020. Current and non-current financial liabilities totalling €1,407.6 million were recognised in the balance sheet at the reporting date. The differ- ence compared with the amounts stated here of €2.3 million relates to deferred interest and repayment obligations that were settled at the beginning of 2016. Investment analysis: investments slightly above previous year’s level Investments made during financial year 2015 totalled €11.1 million, compared with €9.7 million in the previous year. They related ex- clusively to ongoing investments in portfolio properties. In addition, the Karstadt property adjacent to the Rathaus Center in Dessau was acquired in 2015; the date for payment of the purchase price and for the transfer of benefits and encumbrances is 1 April 2016. Interest rate lock-in as % of loan in € million Average residual maturity (years) Average interest rate Up to 1 year 3.3 45.5 2.10 1 to 5 years 40.2 565.4 3.8 3.87 5 to 10 years 50.3 707.4 6.8 3.34 0ver 10 years 6.2 87.0 11.8 5.08 TOTAL 100 1,405.3 5.9 3.69 MANAGEMENT REPORT 124 Deutsche EuroShop AG Annual Report 2015 Convertible bond 96,97295,264 overdrafts 1,262,9241,279,539 Current bank loans and overdrafts 47,71155,282 TOTAL 1,407,6071,430,085 Net financial liabilities 1,336,9081,371,801 Up to 1 year 3.345.52.10 1 to 5 years 40.2565.43.83.87 5 to 10 years 50.3707.46.83.34 0ver 10 years 6.287.011.85.08 TOTAL 1001,405.35.93.69

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