F I N A N C I A L S TA T E M E N T S / Notes to the consolidated balance sheet 1 7 7 Non-current and current financial liabilities arose from the following changes affecting liquidity and not affecting liquidity: in € thousand Carrying amount 01.01. Changes affecting liquidity Changes not affecting liquidity Change in scope of consolidation Change in carrying amount under the effective interest rate method 2023 2022 1,479,251 1,502,114 47,912 –22,701 147,426 0 3,011 –162 CARRYING AMOUNT 31.12. 1,677,600 1,479,251 Changes affecting liquidity consisted of the take-up of non-current financial liabilities in the amount of €60,906 thousand (previous year: €2,749 thousand) and the repayment of current financial liabilities in the amount of €12,994 thousand (previous year: €25,450 thou- sand). The first-time consolidation of the four companies previously accounted for using the equity method (see section “2. Basis of con- solidation / Acquisitions during the financial year”) increased finan- cial liabilities by €147,426 thousand. In connection with borrowing, interest rate hedges (interest rate swaps) were concluded to hedge against higher capital market interest rates. Their present value totalled €6,427 thousand as at the reporting date (previous year: €5,637 thousand). Other liabilities to tenants mainly comprise liabilities for heating and ancillary costs, obligations from construction cost subsidies granted, as well as prepaid rent. Liabilities in € thousand Financial liabilities Trade payables Tax liabilities Other liabilities Total current non-current 1,677,600 (1,479,251) 11,921 (14,334) 1,665,679 (1,464,917) 10,635 (8,067) 19,891 (474) 26,647 (31,276) 10,635 (8,067) 19,891 (474) 19,521 (24,943) 0 (0) 0 (0) 7,126 (6,333) (PREVIOUS YEAR’S FIGURES) 1,734,773 (1,519,068) 61,968 (47,818) 1,672,805 (1,471,250) 15. OTHER NON-CURRENT AND CURRENT FINANCIAL LIABILITIES 16. DEFERRED TAX LIABILITIES in € thousand Interest rate swaps Rental deposits Other liabilities to tenants Value added tax Debtors with credit balances Lease liabilities Other 31.12.2023 31.12.2022 non- current 6,427 current non- current 0 5,637 0 0 0 0 628 71 6,896 4,728 1,684 4,935 99 1,179 0 0 0 0 624 72 current 0 4,932 10,477 649 5,589 72 3,224 7,126 19,521 6,333 24,943 Deferred tax assets and liabilities are the result of tax effects of tem- porary differences and tax loss carryforwards: 31.12.2023 31.12.2022 Deferred tax liabilities 317,982 18,268 5,859 0 0 0 Deferred tax assets 0 0 0 1,300 5,465 1,132 Deferred tax liabilities 289,235 53,066 0 0 0 0 Deferred tax assets 0 0 0 1,061 8,455 675 10,191 342,109 7,897 342,301 in € thousand Investment properties Investments accounted for using the equity method Financial liabilities Other liabilities Interest swaps (not recognised in profit or loss) Loss carryforwards Other Deferred taxes before netting Netting –10,191 –10,191 –7,897 –7,897 DEFERRED TAXES AFTER NETTING 0 331,918 0 334,404 D e u t s c h e E u r o S h o p / A n n u a l R e p o r t 2 0 2 3