DES GB2015 Englisch

Changes in the value of financial liabilities measured at fair value in profit or loss in the amount of €2,273 thousand (previous year: €-610 thousand) are reported under Other financial expenses. The fair value of the liabilities listed above in level 3 was calculated in accordance with generally accepted valuation methods based on the discounted cash flow method. The interest and market price parame- ters applicable on the reporting date were applied. The profit/loss share of third-party shareholders of €17,020 thousand (previous year: €16,117 thousand) is included in net finance costs. Write-downs on trade receivables amounting to €939 thousand (pre- vious year: €739 thousand) are recognised in the property operating costs. RISK MANAGEMENT In risk management, the emphasis is on ensuring compliance with the strategy and, building on this, on identifying and assessing risks and opportunities, as well as on the fundamental decision to manage these risks. Risk management ensures that risks are identified at an early stage and can then be evaluated, communicated promptly and mitigat- ed. Risk analysis involves the identification and analysis of factors that may jeopardise the achievement of goals. MARKET RISKS Liquidity risk The liquidity of Deutsche EuroShop Group is continuously monitored and planned. The subsidiaries regularly have sufficient cash to be able to pay for their current commitments. Furthermore, credit lines and bank overdrafts can be utilised at short notice. The contractually agreed future interest and principle repayments of the original financial liabilities and derivative financial instruments are as follows at 31 December 2015: in € thousand Carrying amount 31.12.2015 Cash flows 2016 Cash flows 2017 to 2020 Cash flows from 2021 Convertible bond 96,972 1,750 101,553 0 Bank loans and overdrafts 1,310,635 97,798 623,931 890,346 The amounts relate to all contractual commitments existing on the bal- ance sheet date. The majority of the trade payables and other financial liabilities reported at the end of the financial year will fall due in 2016. Credit and default risk There are no significant credit risks in the Group. The trade receiv- ables reported on the reporting date were predominantly paid up to the date of preparation of the financial statements. During the report- ing year, write-downs of rent receivables of €939 thousand (previous year: €739 thousand) were recognised under property operating costs. The maximum default risk in relation to trade receivables and other assets totalled €12,797 thousand (previous year: €13,662 thousand) on the reporting date. 168 Deutsche EuroShop AG Annual Report 2015 CONSOLIDATED FINANCIAL STATEMENTS bond 96,9721,750101,5530 overdrafts 1,310,63597,798623,931890,346

Pages Overview