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DES GB2013 E

DEUTSCHEEUROSHOPANNUALREPORT2013/GROUPMANAGEMENTREPORT 126 Of 19 loans across the Group, 12 are subject to credit covenants with the financing banks. This includes a total of 18 different covenants on debt service cover ratios (DSCRs), interest cover ratios (ICRs), changes in rental income and the loan to value ratio (LTV). All conditions were met. Based on the budgeted figures, compliance with the covenants may also be assumed in the current financial year. Scheduled repayments amounting to €18.2 million will be made from current cash flow during the 2014 financial year. Over the period from 2015 to 2018, average annual repayments will be around €17.0 million. No loans are due to expire in 2014. One loan in the amount of €61.9 million is due for renewal in 2015 and another €77.0 million loan is due for renewal in 2016. The convertible bond must be repaid in 2017 if the bond holders have not made use of their conversion rights by then. Another loan in the amount of €72.0 million is due for renewal in 2018. Short and long-term financial liabilities totalling €1,486.8 million were recognised in the balance sheet at the reporting date. The dif- ference between the total and the amounts stated here is €3.7 million, which relates to deferred interest and repayment obligations that were settled at the beginning of 2014. INVESTMENT ANALYSIS: INVESTMENTS ABOVE PREVIOUS YEAR’S LEVEL Investments made during the 2013 financial year amounted to €89.4 million, compared with €197.4 million in the previous year. After adjustments for cash and cash equivalents acquired, the consolida- tion of Altmarkt-Galerie Dresden contributed €59.4 million. Ongoing investments in portfolio properties amounted to €18.1 million. Other investments came to €1.1 million. AS % OF LOAN € MILLION AVERAGE RESIDUAL MATURITY (YRS) AVERAGE INTEREST RATE Up to 1 year 6.4 95.2 1.0 1.67 1 to 5 years 25.2 372.5 3.4 3.88 5 to 10 years 62.3 924.4 7.9 3.72 Over 10 years 6.1 91.0 13.7 5.07 Total 100.0 1,483.1 7.0 3.88 LOAN STRUCTURE AS AT 31 DECEMBER 2013 LIQUIDITY ANALYSIS: HIGHER LIQUIDITY DUE TO FINANCING The Group’s operating cash flow of €129.8 million (2012: €99.8 mil- lion) comprises the amount generated by the Group for shareholders through the leasing of shopping center floor space after deduction of all costs. It primarily serves to finance the dividends of Deutsche EuroShop AG and payments to third-party shareholders. Cash flow from operating activities amounted to €99.3 million (2012: €121.9 million) and comprises operating cash flow and changes in receivables, other assets, other liabilities and provisions. The decline was primarily due to the payment of tax liabilities. Cash flow from financing activities fell from €178.9  million to €–136.8  million. Cash outflows from financial liabilities totalling €59.7 million essentially reflected the repayment of a credit line used in 2012. Dividends paid to shareholders totalled €64.7 million. Divi- dend payments to third-party shareholders came to €12.3 million. Cash and cash equivalents dropped by €120.2 million in the year under review to €40.8 million (2012: €161.0 million).

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