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DES GB 11 Finanzbericht englisch

G/h I R T V X S N P Food court Catering area of a shopping cen- ter, in which different vendors sell food at sta- tions about a common seating area. Free cash flow The surplus cash gener- ated from operating activities recognised in the profit and loss account. This expresses a company’s internal financing power, which can be used for investments, the repayment of debt, dividend payments and to meet fund- ing requirements. Funds from operations (FFo) Cash flows from operating activities. DES-calculation: net income for the period adjusted for mea- surement gains/losses and deferred income tax expense. gearing Ratio which shows the relationship between liabilities and equity. hedge accounting Financial mapping of two or more financial instruments that hedge one another. ifo Business climate index The ifo Busi- ness Climate Index is an important forward indicator for economic development in Ger- many. In order to calculate the index, the ifo Institute asks approximately 7,000 companies every month for their assessment of the eco- nomic situation and their short-term corpo- rate planning. interest rate swap Exchange of fixed and variable interest pay able on two nominal amounts of capital for a fixed period. By means of an interest rate swap, interest rate risks may be controlled actively. international Financial reporting standards (iFrss) International Financial Reporting Standards are based on Interna- tional Accounting Standards (IASs). Since 1 January 2005, listed companies have been required to apply IFRSs. IASs/IFRSs focus on the decision-usefulness of accounts. The key requirement with regard to the annual financial statements is fair presentation that is not qualified by aspects of prudence or risk provision. retail space Space in a building and/or an open area that is used for sales by a retail operation and that is accessible to customers. Service areas required for operational and legal purposes are not taken into account, nor are stairways or shop windows. The retail space is part of the leasable space of a business. roadshow Corporate presentations to insti- tutional in vestors. savings ratio Share of savings of the income available in households. subprime Mortgage loan to borrower with a low degree of creditworthiness. tecdax The successor to the NEMAX 50, comprising the 30 largest German listed tech- nology securities in terms of market capitalisa- tion and market turnover. volatility Statistical measure for price fluc- tuations. The greater the fluctuations in the price of a security, the higher its volatility. xetra An electronic stock exchange trading system that, in contrast to floor trading, uses and open order book, thus increasing market transparency. The trading hours are currently 9.00 a.m. to 5.30 p.m. L/Mloan to value Ratio that expresses the amount of a mortgage as a percentage of the market value of real property. mall Row of shops in a shopping center. market capitalisation The current quoted price for a share multiplied by the number of shares listed on the stock. mdax German mid-cap index compris- ing the 50 most important securities after the DAX members. exchange. Market capi- talisation is calculated for individual compa- nies, sectors, and entire stock markets, thus enabling comparisons between them. multi channelling Using a combination of online and offline communication tools in marketing. net asset value (nav) The value of an asset after deduction of liabilities. With regard to shares, the NAV constitutes their intrin- sic value. The net net asset value (NNAV) is calculated by deducting deferred taxes from the NAV. peer-group A share price performance benchmark consisting of companies from similar sectors, put together on the basis of individual criteria. performance The term performance describes the percentage appreciation of an investment or a securities portfolio during a given period. rEit REIT stands for “Real Estate Invest- ment Trust”. REITs are listed real estate cor- porations that are exempt from tax at the company level. To qualify, a minimum of 75% of their income must come from real estate rental, leasing and sales and 90% of profits must be distributed to shareholders as dividends. DES Annual Report 2011 77