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DES GB 11 Finanzbericht englisch

We finance our real estate projects on a long-term basis and also use derivative financial instruments to hedge against rising capital mar- ket rates. An available credit line enables Deutsche EuroShop to react quickly to investment opportunities. Until used for investment, any cash not needed is invested short-term as time deposits to finance on- going costs or pay dividends. Financing analysis: Improved interest rate conditions As of 31 December 2011, the Deutsche EuroShop Group reported the following key financial data: € thousand 2011 2010 Change Total assets 3,225.1 2,963.6 +261.5 Equity (incl. third-party interests) 1,473.1 1,441.5 +31.6 Equity ratio (%) 45.7 48.6 -2.9 Bank loans and overdrafts 1,472.1 1,288.2 +183.9 Loan to value ratio (%) 47 47 0 At € 1,473.1 million, the Group’s economic equity capital, which comprises the equity of the Group shareholders (€ 1,193.0 million) and the equity of the third-party shareholders (€ 280.1 million), was € 31.6 million higher than in the previous year. The equity ratio de- clined by 2.9 percentage points to 45.7%, but continues to be above the target we set ourselves of at least 45%. Bank loans and overdrafts € thousand 2011 2010 Non-current 1,335,986 1,227,096 Current 136,163 61,060 Total 1,472,149 1,288,156 Current and non-current bank loans and overdrafts rose from € 1,288.2 million to € 1,472.1 million in the year under review, an increase of € 183.9 million. Of this amount, € 80.1 million was used for the long-term financing of the Billstedt-Center, which was ac- quired in the previous year, and € 67.3 million for the financing of the expansion measures in the Main-Taunus-Zentrum, the A10 Cen- ter and the Altmarkt-Galerie Dresden. Drawdowns on the credit line increased by € 53.6 million and were used for the partial interim fi- nancing of the stake acquired in the Allee-Center Magdeburg. Mean- while, loans amounting to € 15.3 million were repaid in accordance with the schedule. Funds from operations (FFO) up by over a third Funds from operations (FFO) are used to finance our ongoing invest- ments in portfolio properties, scheduled repayments on our long-term bank loans and the distribution of dividends. During the year under review, FFO of € 83.1 million was generated, a rise of +35% over the previous year (2010: € 61.5 million). The FFO per share rose by 19% from € 1.35 to € 1.61. € thousand 2011 2010 Consolidated profit 93,396 -7,814 Measurement gains / losses on companies accounted for using - the equity method - IAS 40 / IFRS 3 -94 -41,811 122 -33,129 Deferred taxes 31,606 102,358 FFO 83,097 61,538 FFO per share 1.61 € 1.35 € Weighted no. of shares in thousands 51,631 45,545 Dividend proposal: € 1.10 per share The successful financial year allows us to maintain our dividend policy, which is geared towards continuity. The Executive Board and Super- visory Board will therefore propose to the shareholders at the Annual General Meeting in Hamburg on 21 June 2012 that an unchanged dividend of € 1.10 per share be distributed for the financial year 2011. Financial position Principles and objectives of financial management For the purposes of financing its investments, Deutsche EuroShop uses the stock exchange to raise equity, as well as the credit markets to borrow funds. Within the Group, both the individual property com- panies and Deutsche EuroShop AG borrow from banks. Deutsche EuroShop’s credit standing has been shown to be advantageous when negotiating loan terms. The Group can also arrange its financing in- dependently and flexibly. Loans are taken out in euros for all Group companies. In general, the use of equity and loans for investments should be equally weighted and the equity ratio in the Group (including third-party interests) should not fall below 45%. DES Annual Report 2011  13

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