Please activate JavaScript!
Please install Adobe Flash Player, click here for download

DES GB2013 E

DEUTSCHEEUROSHOPANNUALREPORT2013/CONSOLIDATEDFINANCIALSTATEMENTS 168 Twelve of the 19 loan agreements currently contain arrangements regarding covenants. There are a total of 18 different conditions on different debt service cover ratios (DSCR), interest cover ratios (ICR), changes in rental income, the equity ratio and loan-to-value ratios (LTV). The credit conditions have not to date been breached, and according to the current planning will not be breached in 2014–2016 either. Deutsche EuroShop issued a convertible bond on 14 November 2012. Convertible bonds with a five-year maturity and total value of €100 million were placed. The initial conversion price is €33.79; the coupon is 1.75% per year and is pay- able semi-annually in arrears. The convertible bonds were issued at 100% of their nominal value of €100,000.00 each and can initially be converted to 2,959,455 shares in Deutsche EuroShop AG in accordance with the conversion ratio and the terms and conditions of the convertible bonds. The proceeds from the issue amounted to €100 million. No con- version rights were exercised by 31 December 2013. The amount of the convertible bond was divided into equity and debt components. The equity component accounted for a total amount of €7,140 thousand which was placed in capital reserves. 13. DEFERRED TAX LIABILITIES as at 01.01.2013 Utilisation Reversal Addition as at 31.12.2013 Deferred taxes on properties 194,316 0 -14,556 28,666 208,426 Deferred taxes on derivatives 0 0 2,300 -3,799 -1,499 Deferred taxes recognised directly in equity -13,791 0 5,355 0 -8,436 180,525 0 -6,901 24,867 198,491 Deferred tax liabilities relate primarily to properties reported at fair value in accordance with IAS 40. At the reporting date, they totalled €220,754 thousand (previous year: €206,012 thousand) and were partially offset by deferred tax assets on tax loss carryforwards of €12,329 thousand (previous year: €11,696 thousand). The deferred tax on derivatives concerns an interest rate swap, which is to be measured through profit and loss following the acquisition of the remaining shares in Altmarkt-Galerie Dresden on 1 May 2013. The deferred taxes are formed for interest rate swaps, which due to an effective hedging relationship with the under- lying transaction are recognised directly in equity. From 2014 another property company fulfils the conditions for taking advantage of the extended trade tax reduction. For this reason, the previously formed deferred trade tax provisions in the amount of €12,619 thousand can be released. as at 01.01.2013 Utilisation Reversal Addition as at 31.12.2013 Deferred taxes on domestic companies 153,427 0 -6,901 22,317 168,843 Deferred taxes on foreign companies 27,098 0 0 2,550 29,648 180,525 0 -6,901 24,867 198,491 € THOUSAND € THOUSAND

Pages Overview