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DES GB2013 E

DEUTSCHEEUROSHOPANNUALREPORT2013/GROUPMANAGEMENTREPORT 127 NET ASSETS BALANCE SHEET ANALYSIS The Group’s total assets increased by €47.3 million from €3,347.6 mil- lion to €3,394.9 million. 2013 2012 Change Current assets 55,698 171,160 -115,462 Non-current assets 3,339,165 3,176,400 162,765 Current liabilities 123,353 241,958 -118,605 Non-current liabilities 1,842,561 1,783,688 58,873 Equity 1,428,949 1,321,914 107,035 Total assets 3,394,863 3,347,560 47,303 MARKED DROP IN CURRENT ASSETS At the end of the year, current assets amounted to €55.7 million, down €115.5 million compared to the previous year (2012: €171.2 million). The reduction was exclusively due to lower cash and cash equivalents as at the reporting date. By contrast, trade receivables advanced €1.8 million year-on-year to €5.6 million (€3.8 million). Other assets slipped €0.1 million, from €6.4 million to €6.3 million. € THOUSAND Non-current assets Non-current liabilities Equity Current assets Current liabilities Any inconsistencies in the total are due to rounding 3,394.9 3,394.9 2013 2013 3,347.6 3,347.6 171.2 242.0 3,339.2 1,842.6 1,428.9 3,176.4 1,783.7 55.7 123.4 2012 2012 BALANCE SHEET STRUCTURE € MILLION ASSETS LIABILITIES 1,321.9 Cash and cash equivalents amounted to €40.8 million on the reporting date, down €120.2 million year-on-year (€161.0 million). There was also a time deposit as at the balance sheet date, which was recog- nised under other financial investments. NON-CURRENT ASSETS INCREASED AS A RESULT OF INVESTMENT Non-current assets rose by €162.8 million, from €3,176.4 million to €3,339.2 million, in the year under review. Investment properties gained €138.0 million. The Altmarkt-Galerie contributed €392.7 million, which was offset by cash disposals total- ling €333.4  million from the deconsolidation of the Passau and Hamburg-Harburg properties. Costs of investments in portfolio prop- erties amounted to €18.1 million. The revaluation of our property portfolio resulted in valuation gains of €60.5 million. At-equity investments increased by €20.4 million from €321.5 million to €341.9 million. The recognition of the Passau and Hamburg-Har- burg investments generated an addition of €148.9 million, which was offset by a €134.6 million reduction due to the first-time consolidation of Altmarkt-Galerie from 1 May 2013. The difference between the share in the earnings and losses resulted in a €6.1 million gain in at- equity investments. Other non-current assets increased by €4.4 million net versus 2012. CURRENT LIABILITIES DOWN Current liabilities fell by €118.6  million, from €242.0  million to €123.4 million, largely due to lower short-term bank loans and liabil- ities (down €94.1  million) and a decline in tax liabilities (down €23.2 million). Other current liabilities declined €1.3 million in net terms. NON-CURRENT LIABILITIES UP DUE TO FINANCING Non-current liabilities rose by €58.9 million, from €1,783.7 million to €1,842.6 million. The increase was essentially driven by the first-time consolidation of Altmarkt-Galerie Dresden and deconsolidations (€73.7 million). Non-current liabilities advanced €113.3 million in total. Deferred tax liabilities also rose, up €18.0 million to €198.5 mil- lion. At €213.4 million, third-party interests in the equity of the prop- erty companies was up €70.8 million year-on-year due to deconsoli- dations. Other liabilities slipped €1.6 million to €41.1 million (2012: €42.7 million), largely due to interest rate swap measurements.

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