DES GB2015 Englisch

27. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT The cash flow statement has been prepared in accordance with IAS 7 and is broken down into operating cash flow, cash flow from operat- ing activities, cash flow from investing activities, and cash flow from financing activities. Cash and cash equivalents consists of cash bank balances and short-term deposits. COMPOSITION OF CASH AND CASH EQUIVALENTS in € thousand 31.12.2015 31.12.2014 Cash and cash equivalents 70,699 58,284 OPERATING CASH FLOW After adjustment of the annual profit for non-cash income and expens- es, operating cash flow was €135,033 thousand. All changes to cash flows from net finance costs are allocated to operating activities. CASH FLOW FROM OPERATING ACTIVITIES Changes in receivables, provisions and liabilities are allocated to cash flow from operating activities. Cash outflows from operating activities includes, among others: • interest income of €0.2 million (previous year: €0.3 million) • interest expense of €54.2 million (previous year: €56.8 million) • income taxes paid of €4.2 million (previous year: €2.1 million) • net allocations to provisions of €5.8 million (previous year: €8.0 million) CASH FLOW FROM INVESTING ACTIVITIES Cash additions/disposals of non-current assets during the year are recognised. We received an equity repayment of €0.2 million from Ilwro B.V., Amsterdam. However, there was also a capital increase for Immobilienkommandit- gesellschaft FEZ Harburg, Hamburg amounting to €1.0 million. In the year under review, investments totalling €11.0 million were made in the portfolio properties. In addition, investments in operating and office equipment totalled €0.1 million. CASH FLOW FROM FINANCING ACTIVITIES Moreover, loan reductions resulted in a cash outflow in the amount of €24.2 million. Payments to third-party shareholders include the distributions paid, which amounted to €15.1 million. In financial year 2015, a dividend of €70.1 million was paid to the shareholders. SEGMENT REPORTING As a holding company, Deutsche EuroShop AG holds equity interests in shopping centers in the European Union. The investees are pure real-estate shelf companies without staff of their own. Operational management is contracted out to external service providers under agency agreements, with the result that the companies’ activities are exclusively restricted to asset management. The companies are op- erated individually. Due to the Company’s uniform business activities within a relatively homogeneous region (the European Union), and in accordance with IFRS 8.12, separate segment reporting is presented in the form of a breakdown by domestic and international results. 164 Deutsche EuroShop AG Annual Report 2015 CONSOLIDATED FINANCIAL STATEMENTS equivalents 70,69958,284

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