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ePaper created 2015-05-08, 10:57:20 | version 1.38.0
SHOPPING 73ANNUAL REPORT 2014 Deutsche EuroShop FINANCIAL STATEMENTS 17. Other current liabilities in € thousand 31.12.2014 31.12.2013 Value added tax 3,977 2,414 Rental deposits 970 1,001 Service contract liabilities 4 1,045 Debtors with credit balances 1,139 685 Other 6,644 9,489 12,734 14,634 Other mainly comprises liabilities for heating and ancillary costs, prepaid rent for the following year and tax payments made at the beginning of 2015. 18. Other non-current liabilities in € thousand 31.12.2014 31.12.2013 Interest rate swaps 58,431 40,481 Other 508 615 58,939 41,096 In connection with borrowing, interest rate hedges (interest rate swaps) were concluded to hedge against higher capital market interest rates. Their present value totalled €58,431 thousand as at the reporting date. Liabilities in € thousand Total Current Non-current Financial liabilities 1,430,085 (1,486,759) 55,282 (97,207) 1,374,803 (1,389,552) Trade payables 1,098 (3,351) 1,098 (3,351) 0 (0) Tax liabilities 857 (1,257) 857 (1,257) 0 (0) Other liabilities 71,673 (55,730) 12,734 (14,634) 58,939 (41,096) of which taxes 4,440 (4,080) 4,440 (4,080) 0 (0) Previous year’s figure in brackets 1,503,713 (1,547,097) 69,971 (116,449) 1,433,742 (1,430,648) Notes to the consolidated income statement 19. Revenue in € thousand 2014 2013 Minimum rental income 197,993 185,818 Turnover rental income 1,682 1,591 Other 1,110 578 200,785 187,987 of which directly attributable rental income in accordance with IAS 40 Investment Properties 200,785 187,987 Other revenue relates primarily to compensation for use and settlement payments made by former tenants. The rental income reported here derives from operating leases and relates to rental income from investment properties with long-term leases. The future minimum leasing payments from non-terminable rental agreements have the following maturities: in € thousand 2014 2013 Maturity within 1 year 197,369 194,474 Maturity from 1 to 5 years 620,569 635,747 Maturity after 5 years 325,547 366,143 1,143,485 1,196,364 20. Property operating costs in € thousand 2014 2013 Center marketing -2,735 -2,636 Operating costs that cannot be passed on -1,873 -2,297 Maintenance and repairs -1,942 -1,462 Real property tax -689 -651 Insurance -314 -312 Write-downs of rent receivables -739 -583 Other -770 -511 -9,062 -8,452 of which directly attributable operating expenditure in accordance with IAS 40 Investment Properties -9,062 -8,452 21. Property management costs in € thousand 2014 2013 Center management/agency agreement costs -9,922 -9,323 of which directly attributable operating expenditure in accordance with IAS 40 Investment Properties -9,922 -9,323 22. Other operating income in € thousand 2014 2013 Income from the reversal of provisions 441 1,059 Exchange rate gains 34 231 Other 1,414 1,547 1,889 2,837 23. Other operating expenses in € thousand 2014 2013 Personnel expenses -2,466 -2,153 Legal, consulting and audit expenses -1,401 -1,238 Marketing costs -436 -363 Exchange rate losses -318 -331 Supervisory Board compensation -312 -312 Appraisal costs -299 -277 Write-downs -76 -65 Real estate transfer tax 0 -22 Other -876 -2,524 -6,184 -7,285 Legal and consulting costs and audit expenses include €286 thousand (€293 thousand) in fees for the audit of Group com- panies. 24. Income from investments in € thousand 2014 2013 Income from investments 1 16,688 The profit dividend of City-Point Beteiligungs GmbH, Pullach for the previous year is recognised. 25. Share of the profit or loss of associates and joint ventures accounted for using the equity method in € thousand 2014 2013 Profit/loss from equity-accounted associates 35,129 27,024 Profit/losses of joint ventures and associates in which Deutsche EuroShop AG together with third parties has a majority of the voting rights. These are five shopping center companies and four smaller property companies. 26. Profit/loss attributable to limited partners in € thousand 2014 2013 Profit/loss attributable to limited partners -16,117 -15,939 27. Valuation gains/losses in € thousand 2014 2013 Unrealised changes in fair value 88,302 60,538 Profit/loss attributable to limited partners -11,316 -4,492 Ancillary acquisition costs 0 -64 76,986 55,982 28. Income taxes in € thousand 2014 2013 Current tax expense -5,442 -2,362 Domestic deferred tax expense -27,926 -11,636 Foreign deferred tax expense -3,879 -2,572 -37,247 -16,570 In measuring deferred taxes, the tax rates applicable in accord- ance with IAS 12 are those valid under current legislation at the date at which the temporary differences will probably reverse. In 2014, a corporate tax rate of 15% was used for the compa- nies in Germany. In addition, a solidarity surcharge of 5.5% on the calculated corporation tax and, in part, 16.45% in trade tax were recognised. The respective local tax rates were applied for foreign compa- nies. Taxes on income and earnings include the reversal of €7.2 mil- lion (previous year: €12.6 million) in deferred trade tax liabili- ties which had been formed in previous years. Tax reconciliation Income taxes in the amount of €-37,247 thousand in the year under review are derived as follows from an expected income tax expense that would have resulted from the application of the parent company’s statutory income tax rate to the profit before tax. This was calculated using a tax rate of 32.28%. in € thousand 2014 2013 Consolidated profit before income tax 214,673 187,613 Theoretical income tax 32.28% -69,296 -60,561 Tax rate differences for foreign Group companies 1,647 1,226 Tax rate differences for domestic Group companies 24,148 20,568 Tax-free income/non-deductible expenses -589 4,705 Effect of tax rate changes 7,174 12,619 Aperiodic tax income -381 4,843 Other 50 30 Current income tax -37,247 -16,570 After fulfilling the requirements of the extended trade tax re- duction for one more property company, a portion of the trade tax provisions built up during previous years in the amount of €7,174 thousand could be released. in € thousand 31.12.201431.12.2013 Value added tax 3,9772,414 Rental deposits 9701,001 Service contract liabilities 41,045 Debtors with credit balances 1,139685 Other 6,6449,489 12,73414,634 in € thousand 31.12.201431.12.2013 Interest rate swaps 58,43140,481 Other 508615 58,93941,096 in € thousand 20142013 Minimum rental income 197,993185,818 Turnover rental income 1,6821,591 Other 1,110578 200,785187,987 Investment Properties 200,785187,987 in € thousand 20142013 Maturity within 1 year 197,369194,474 Maturity from 1 to 5 years 620,569635,747 Maturity after 5 years 325,547366,143 1,143,4851,196,364 in € thousand 20142013 in € thousand 20142013 in € thousand 20142013 Income from the reversal of provisions 4411,059 Exchange rate gains 34231 Other 1,4141,547 1,8892,837 in € thousand 20142013 in € thousand 20142013 Income from investments 116,688 in € thousand 20142013 associates 35,12927,024 in € thousand 20142013 in € thousand 20142013 Unrealised changes in fair value 88,30260,538 76,98655,982 in € thousand 20142013 in € thousand 20142013 Consolidated profit before income tax 214,673187,613 companies 1,6471,226 companies 24,14820,568 Tax-free income/non-deductible expenses -5894,705 Effect of tax rate changes 7,17412,619 Aperiodic tax income -3814,843 Other 5030