DES GB2015 Englisch

At-equity investments increased by €51.6 million from €359.4 million to €411.0 million. This is attributed to the difference between the shares in the earnings and losses for the financial year. A €1.0 million capital increase was also carried out in the year under review for Immobil- ienkommanditgesellschaft FEZ Harburg, Hamburg. Other financial assets saw a net drop from the previous year of €0.2 million, which was primarily linked to the repayment of equity in an investee in connection with the sale of the shares in Galeria Domini- kanska, Poland, in 2013. Current liabilities down Current liabilities fell by €10.9 million, from €79.8 million to €68.9 mil- lion, largely due to lower short-term bank loans and liabilities (€-7.6 million) and the utilisation of provisions (€-2.7 million). Other current liabilities declined by a net €0.6 million. Non-current liabilities up Non-current liabilities rose by €126.9 million, from €1,888.0 million to €2,014.9 million. The increase was the result of the allocation to the deferred tax liabilities (€+82.1 million) and the redemption enti- tlements of third-party shareholders that increased by €66.3 million. By contrast, financial liabilities were lower on account of repayment obligations (€-14.9 million). Other liabilities decreased by €6.6 million, due in particular to a year-on-year reduction in the negative present values of interest rate hedges entered into in connection with loans. Equity At €1,767.9 million, Group equity was up €243.5 million against the previous year (€1,524.3 million). The increase over the year under review primarily comprises the differ- ence between consolidated profit of €309.3 million and the €70.1 mil- lion paid as a dividend in June 2015. The change in the fair values of swaps, at €4.4 million, positively impacted equity. EPRA net asset value significantly increased Net asset value (NAV) stood at €2,110.6 million or €39.12 per share as at 31 December 2015, compared with €1,789.4 million or €33.17 per share in 2014. Net asset value per share was therefore 18.0% or €5.95 higher year-on-year. in € thousand 31.12.2015 31.12.2014 Equity 1,767,859 1,524,342 Deferred taxes 309,528 227,455 Negative swap values 42,600 48,194 resulting deferred taxes -9,380 -10,602 EPRA NAV 2,110,606 1,789,389 EPRA NAV PER SHARE 39.12€ 33.17€ EPRA also recommends that an EPRA NNNAV (triple NAV) be calculated, which should roughly correspond to the liquidation value of the com- pany. This adjusts the EPRA NAV to take account of hidden liabilities or undisclosed reserves resulting from the market valuation of bank loans and overdrafts, as well as deferred taxes. As at 31 December 2015, EPRA NNNAV stood at €1,693.7 million, compared with €1,432.0 million in 2014. EPRA NNNAV per share was therefore €31.40 (2014: €26.54), which corresponds to an increase of 18.3%. EPRA net asset value per share in€ 39.12 2015 2012 2013 2014 2011 33.17 27.64 28.53 30.59 MANAGEMENT REPORT 126 Deutsche EuroShop AG Annual Report 2015 Equity 1,767,8591,524,342 Deferred taxes 309,528227,455 Negative swap values 42,60048,194 EPRA NAV 2,110,6061,789,389 201220132014 27.6428.53

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