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DES GB2012 E

The corresponding corrections, taking into account any deferred taxes, are recognised in the consolidated financial statements in accordance with sections 8.41 et seq. Where comparisons are made to the previous year in the additional explanatory notes to the results of operations, financial position and net assets, the figures referred to are the 2011 annual results restated in accordance with IAS 8. RESULTS OF OPERATIONS, FINANCIAL POSITION AND NET ASSETS Deutsche EuroShop can look back on another successful financial year. Revenue and profit were significantly up on the previous year and, on the investment side, our purchase of the Herold-Center ena- bled us to expand our portfolio by year’s end. By acquiring the inter- ests held by third parties in three other properties in our portfolio (Rhein-Neckar-Zentrum, Allee-Center Hamm and Rathaus-Center Dessau), we were able to lay the foundations for the restructuring of the Group. Consequently, we could release part of the tax provi- sions created during the previous years, which led to one-off income of €49.3 million. Our financial structure remains solid. Several favourable refinancing arrangements have made a positive contribution to earnings and the issue of a convertible bond in November allowed us to make full use of an additional option for financing our company for the first time. Revenue rose by 11% to €211.2 million and consolidated profit ended the year at €122.5 million compared to €99.0 million in the previous year. This resulted in earnings per share of €2.36, compared with €1.92 per share in 2011, while operating profit per share rose 14% from €1.19 to €1.35. Measurement gains/losses declined considerably in 2012 to €8.5 mil- lion compared with the previous year (€50.1 million). If stripped of the loss stemming from the initial valuation of the Herold-Center at €4.8 million, earnings would have amounted to €13.3 million. Earnings before taxes rose by around 10%, from €86.5 million in the previous year to €95.0 million. The EPRA net asset value per share rose by 3.2%, from €27.64 to €28.53. RESULTS OF OPERATIONS Revenues in the German retail trade (excluding the vehicle trade) rose by a nominal 1.9% over the reporting year, while the revenues of the tenants in our German shopping centers rose by 5.2%. This perfor- mance is particularly attributable to the good turnover trends in the Main-Taunus-Zentrum, the Altmarkt-Galerie Dresden and the A10 Center, where expansions were completed in 2011. In the other shop- ping centers, we registered a slight increase in revenues at 0.4% in Germany, a slightly higher increase of 2.4% in our foreign properties. CONSOLIDATED REVENUE UP 11% Consolidated revenue was up 11%, from €190.0 million to €211.2 million, in the financial year. The Main-Taunus-Zentrum, the Allee- Center Magdeburg (acquired during the previous year), the Altmarkt- Galerie Dresden and the A10 Center contributed significantly to this revenue growth. At twelve properties, the rise in revenue was largely due to index- related rental increases, while revenue dropped slightly at City-Point Kassel and Árkád Pécs. Overall, total revenue rose by a satisfactory 2.6% (2.7% in Germany, 1.8% abroad) on a like-for-like basis over the reporting year. Revenue in € millions 2012 2011 2010 2009 2008 211.2 190.0 144.2 127.6 115.3 187.7 166.8 121.3 23.6 23.1 22.9 105.0 22.6 93.6 21.7 Deviations in total amounts could arise as a result of rounding differences Domestic Foreign { 125 } DES ANNUAL REPORT 2012 GROUP MANAGEMENT REPORT Results of operations, financial position and net assets