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DES GB2015 Englisch

The capital reserves contain amounts in accordance with section 272 (2) nos. 1, 2 and 4 of the Handelsgesetzbuch (HGB – German Commercial Code). Capital reserves also contain deferred tax assets at the expense of the capital increase amounting to €1,441 thousand. Retained earnings consist of the remeasurement reserves, currency items and accumulated profits carried forward at the time of transi- tion to IFRS. Other total profit is divided into the following components: 2015 in € thousand Before taxes Taxes Net Measurement of investments (AfS) IAS 39 -8 0 -8 Cash flow hedges 5,594 -1,222 4,372 5,586 -1,222 4,364 2014 in € thousand Before taxes Taxes Net Measurement of investments (AfS) IAS 39 -7 0 -7 Cash flow hedges -17,435 2,841 -14,594 -17,442 2,841 -14,601 10. NON-CURRENT AND CURRENT FINANCIAL LIABILITIES in € thousand 31.12.2015 31.12.2014 Non-current bank loans and overdrafts 1,262,924 1,279,539 Current bank loans and overdrafts 47,711 55,282 Bonds 96,972 95,264 1,407,607 1,430,085 Bank loans and overdrafts are recognised at amortised cost on the bal- ance sheet date. The present value of loans is redetermined at the re- porting date. To do so, the annuities due up to this date, together with any residual amount according to the redemption schedule, are dis- counted at the reporting date at market rates of interest plus a margin. This recurring fair value measurement is in accordance with level 3 of the IFRS 13 fair value hierarchy. The fair value of the bank loans and overdrafts at the reporting date is €1,405,866 thousand (previous year: €1,450,483 thousand). Bank loans and overdrafts relate to loans raised to finance property acquisitions and investment projects. Land charges on Company prop- erties totalling €1,310,635 thousand (previous year: €1,334,821 thou- sand) serve as collateral. Discounts are amortised over the term of the loan. In the year under review, €1,100 thousand (previous year: €1,079 thousand) was recog- nised in income. Twelve of the 21 loan agreements currently contain arrangements re- garding covenants. There are a total of 18 different conditions on differ- ent debt service cover ratios (DSCR), interest cover ratios (ICR), changes in rental income, the equity ratio and loan-to-value ratios (LTV). The loan conditions have not been breached thus far and will not, according to current plans, be breached between 2016 and 2018 either. Deutsche EuroShop issued a convertible bond on 20 November 2012. Convertible bonds with a five-year maturity and total value of €100 mil- lion were placed. The initial conversion price is €31.65; the coupon is 1.75% per year and is payable semi-annually in arrears. The convert- ible bonds were issued at 100% of their nominal value of €100,000.00 each and can initially be converted to 3,159,558 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 conversion rights were exercised by 31 December 2015. 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. 158 Deutsche EuroShop AG Annual Report 2015 CONSOLIDATED FINANCIAL STATEMENTS investments (AfS) IAS 39 -80 -8 Cash flow hedges 5,594 -1,2224,372 5,586 -1,2224,364 investments (AfS) IAS 39 -70 -7 Cash flow hedges -17,4352,841 -14,594 -17,4422,841 -14,601 overdrafts 1,262,9241,279,539 overdrafts 47,71155,282 Bonds 96,97295,264 1,407,6071,430,085

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