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DES GB2015 Englisch

GENERAL DISCLOSURES The Group parent company is Deutsche EuroShop  AG, Hamburg, Germany. The Company’s registered office is Heegbarg 36, 22391 Ham- burg, Germany, and it is entered in the Hamburg commercial register under HRB 91799. Deutsche EuroShop AG focuses on acquiring, managing, using and sell- ing investments of all kinds, and in particular investments in retail properties. The consolidated financial statements of Deutsche EuroShop AG have been prepared in accordance with the International Financial Report- ing Standards (IFRSs) issued by the International Accounting Standards Board (IASB), including the interpretations of the International Finan- cial Reporting Interpretations Committee (IFRIC) and the supplementa- ry provisions of German commercial law required to be applied under section 315a (1) of the Handelsgesetzbuch (HGB – German Commer- cial Code). They are based on the premise of a going concern. All IFRSs and IFRIC interpretations endorsed by the European Commission and required to be applied as at 31 December 2015 have been applied. In addition to the consolidated balance sheet, consolidated income statement and the consolidated statement of comprehensive income, the consolidated financial statements comprise the consolidated state- ment of changes in equity, the consolidated cash flow statement and the notes to the consolidated financial statements. Amounts are mainly presented in thousands of €. The preparation of the consolidated financial statements necessi- tates the use of estimates and assumptions. These affect the reported amounts of assets, liabilities and contingent liabilities at the balance sheet date, as well as the recognition of income and expenses during the reporting period. The actual amounts can differ from these esti- mates. Expected cash flows and the discount factor in particular are critical parameters for the measurement of investment properties. A detailed list of the companies included in the consolidated financial statements forms part of the notes. The annual financial statements of the consolidated companies were prepared as at 31 December 2015, the reporting date of the consoli- dated financial statements. BASIS OF CONSOLIDATION AND CONSOLIDATION METHODS BASIS OF CONSOLIDATION Subsidiaries The consolidated financial statements include the financial statements of the parent company and of the companies controlled by it. Deutsche EuroShop AG gains control when it: • is in a position to take decisions affecting another company, • is exposed to fluctuating returns and reflows from this holding, and • is able, by reason of its decision-making capacity, to influence such returns. At every reporting date, a new assessment is carried out to establish whether or not an investee is controlled, by reference to whether cir- cumstances indicate that one or more of these criteria have changed. At every reporting date, a new assessment is carried out to establish whether or not an investee is controlled, by reference to whether cir- cumstances indicate that one or more of these criteria have changed. Deutsche EuroShop AG holds a stake of 52.01% in Main-Taunus- Zentrum KG, Hamburg and exercises a controlling influence over the company. The other 47.99% of shares are in free float. The Company posted non-current assets of €657,000  thousand (previous year: €547,590 thousand) and current assets of €13,699 thousand (pre- vious year: €14,804 thousand) at the balance sheet date. Non-cur- rent liability items amounted to €220,000 thousand (previous year: €220,000 thousand) and current liability items totalled €3,696 thou- sand (previous year: €4,573 thousand). The Company generated reve- nue of €34,744 thousand (previous year: €34,110 thousand) and profit of €69,928 thousand (previous year: €22,033 thousand). A dividend of €12,125 thousand (previous year: €11,490 thousand) was paid to lim- ited partners in the year under review. Joint ventures Joint ventures in which Deutsche EuroShop AG has a majority of the voting rights together with third parties are classified as joint opera- tions and accounted for using the equity method. Six companies fall into this category as at the balance sheet date. Deutsche EuroShop AG has a 75% stake in Stadt-Galerie Passau KG, Hamburg. It does not exercise sole control of this company, nor does it hold the majority of voting rights based on corporate agreements. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR FINANCIAL YEAR 2015 148 Deutsche EuroShop AG Annual Report 2015 CONSOLIDATED FINANCIAL STATEMENTS

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