DES GB2015 Englisch

Liquidity analysis: liquidity further increased The Group’s operating cash flow of €135.0 million (2014: €133.3 mil- lion) comprises the amount generated by the Group for sharehold- ers through the leasing of shopping center space after deduction of all costs. It primarily serves to finance the dividends of Deutsche EuroShop AG and payments to third-party shareholders. Cash flow from operating activities came to €133.8 million (2014: €132.8 million) and contains, in addition to operating cash flow, changes in receivables and other assets as well as in other liabilities and pro- visions. The reduction in current provisions was attributable mainly to the payment of invoices outstanding beyond the reporting date for maintenance and restructuring work carried out in the previous year. Cash flow from financing activities fell from €-139.8  million to €-109.4  million. Cash outflows from financial liabilities totalling €24.2 million resulted from the repayment of credit liabilities. Divi- dends paid to shareholders totalled €70.1 million. Dividend payments to third-party shareholders came to €15.1 million. Cash and cash equivalents rose by €12.4 million in the year under review to €70.7 million (2014: €58.3 million). NET ASSETS Balance sheet analysis The Group’s total assets increased by €359.5 million from €3,492.2 mil- lion to €3,851.6 million. in € thousand 2015 2014 Change Current assets 83,496 71,946 11,550 Non-current assets 3,768,118 3,420,212 347,906 Current liabilities 68,904 79,770 -10,866 Non-current liabilities 2,014,851 1,888,046 126,805 Equity 1,767,859 1,524,342 243,517 TOTAL ASSETS 3,851,614 3,492,158 359,456 Current assets Non-current assets Current liabilities Non-current liabilities Equity Balance sheet structure in € million 2015 2014 3,492.2 3,420.2 3,768.1 71.9 83.5 3,851.6 2014 1,524.3 1,888.1 79.8 3,492.2 2015 3,851.6 1,767.9 2,014.9 68.9 Assets Liabilities Current assets slightly higher At the end of the year, current assets stood at €83.5  million, up €11.6 million compared with the previous year (2014: €71.9 mil- lion). This was attributable to cash and cash equivalents, which were €12.4 million higher at the reporting date. Trade receivables were up slightly versus the year-earlier level, advancing €1.1 million to €5.6 mil- lion (2014: €4.5 million). Conversely, other assets shrank a little, from €9.2 million to €7.2 million. On the reporting date, cash and cash equivalents amounted to €70.7 mil- lion (2014: €58.3 million). Non-current assets higher as a result of property appreciation Non-current assets rose from €3,420.2 million to €3,768.1 million in the year under review, an increase of €347.9 million. Investment properties gained €296.5 million. While costs of invest- ments in portfolio properties came to €11.1 million, revaluation of our property portfolio resulted in valuation gains of €285.4 million. MANAGEMENT REPORT 125 Current assets 83,49671,94611,550 Non-current assets 3,768,1183,420,212347,906 Current liabilities 68,90479,770 -10,866 Non-current liabilities 2,014,8511,888,046126,805 Equity 1,767,8591,524,342243,517 TOTAL ASSETS 3,851,6143,492,158359,456 3,420.23,768.1

Pages Overview