Please activate JavaScript!
Please install Adobe Flash Player, click here for download

DES Q1 e 2013

Interim Report Q1 2013 DES Interim Report Q1 2013 { 10 } Disclosures Reporting principles These interim financial statements of the Deutsche EuroShop Group as at 31 March 2013 have been prepared in accordance with Inter­ national Financial Reporting Standards (IFRS). The management report and the abridged financial statements were not audited in accordance with section 317 of the Handelsgesetzbuch (HGB – German Commercial Code), nor were they reviewed by a person qualified to carry out audits. In the opinion of the Executive Board, the report contains all of the necessary adjustments required to give a true and fair view of the results of operations as at the date of the interim report. The performance of the first three months up to 31 March 2013 is not necessarily an indication of future performance. The accounting policies applied correspond to those used in the last consolidated financial statements as at the end of the financial year. A detailed description of the methods applied was published in the notes to the consolidated financial statements for 2012. Changes made to the accounting policies after 1 January 2013 are explained in the following. Changes in Accounting Policies Switch to the equity method as of 1 January 2013 Joint ventures in which Deutsche EuroShop AG has a majority of the voting rights together with third parties were previously pro- portionately included as joint ventures in the consolidated financial statements in accordance with the option granted by IAS 31. Pro- portional consolidation will be abolished with the adoption of the new IFRS 11. In future, joint ventures will always be accounted for using the equity method. Adoption of this standard is compulsory as of 1 January 2014. In our 2011 annual report, we had already announced the early adoption of IFRS 11 as of 2013. The transition from proportional to equity accounting has an impact on the structure of our consolidated financial statements. Under the equity method, assets, liabilities, expenses and income will no longer be recognised proportionally in balance sheet or income statement items. The balance sheet will only show equity interest as a carrying amount and the profit share will be recorded as investment income in the income statement (financial result). This affects the follow- ing companies: ¤¤ Altmarkt-Galerie Dresden KG, Hamburg (until 30 April 2013) ¤¤ Allee-Center Magdeburg KG, Hamburg ¤¤ CAK City Arkaden Klagenfurt KG, Hamburg ¤¤ EKZ Eins Errichtungs- und Betriebs Ges.m.b.H. & Co OG, Vienna ¤¤ Einkaufs-Center Arkaden Pécs KG, Hamburg consolidated balance sheet – Switch to equity accounting 31.03.2012 before switch 31.03.2012 After switch 01.01.2012 After switch ASSETS Non-current assets Intangible assets 17 17 20 Property, plant and equipment 130 130 137 Investment properties 3,109,257 2,265,017 2,262,611 Non-current financial assets 27,438 27,438 27,815 Investments in equity-accounted associates 4,576 476,348 475,348 Other non-current assets 427 427 459 Non-current assets 3,141,845 2,769,377 2,766,390 Current assets Trade receivables 2,911 2,070 4,358 Other current assets 5,942 4,974 13,821 Cash and cash equivalents 78,051 66,754 54,487 Current assets 86,904 73,798 72,666 3,228,749 2,843,175 2,839,056 31.03.2012 before switch 31.03.2012 After switch 01.01.2012 After switch EQUITY AND LIABILITIES Equity and reserves Issued capital 51,631 51,631 51,631 Capital reserves 890,482 890,482 890,482 Retained earnings 266,291 266,291 250,928 Total equity 1,208,404 1,208,404 1,193,041 Non-current liabilities Financial liabilities 1,330,841 1,070,701 1,076,274 Deferred tax liabilities 216,105 216,105 210,587 Right to redeem of limited partners 268,718 191,229 202,793 Other liabilities 39,493 32,583 32,288 Non-current liabilities 1,855,157 1,510,618 1,521,942 Current liabilities Bank loans and overdrafts 137,471 98,595 96,565 Trade payables 3,250 3,061 2,363 Tax liabilities 7,095 7,073 5,913 Other provisions 6,520 5,818 8,169 Other liabilities 10,852 9,606 11,063 Current liabilities 165,188 124,153 124,073 3,228,749 2,843,175 2,839,056 ASSets in € thousands Total assets EQUITY AND LIABILITIES Total equity and liabilities in € thousands