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DES GB2015 Englisch

Currency and measurement risk The Group companies operate exclusively in the European Economic Area and conduct the greater part of their business in euro. This does not entail currency risks. A 25 bp change in a material parameter (sensitivity analysis) of real estate appraisals would have the following pre-tax impact on meas- urement gains/losses: Valuation parameter Basis Change in parameter in € million in % Rate of rent increases 1.14% + 0.25 percentage points - 0.25 percentage points 129.1 -101.1 3.7% -2.9% Cost ratio 10.70% + 0.25 percentage points - 0.25 percentage points -10.2 7.7 -0.3% 0.2% Discount rate 6.11% + 0.25 percentage points - 0.25 percentage points -64.1 62.4 -1.9% 1.8% Capitalisation interest rate 5.33% + 0.25 percentage points - 0.25 percentage points -96.8 99.4 -2.8% 2.9% Interest rate risk A sensitivity analysis was implemented to determine the effect of potential interest rate changes. Based on the financial assets and liabilities subject to interest rate risk on the balance sheet date, this shows the effect of a change on the Group’s equity. Interest rate risks arose on the balance sheet date only for credit borrowed and the asso- ciated interest rate hedges. An increase in the market interest rate of 100 basis points would lead to an increase in equity of €15,177 thou- sand (previous year: €17,550 thousand). The majority of the loan lia- bilities have fixed interest terms. On the reporting date, loans totalling €205,640 thousand (previous year: €210,111 thousand) were hedged using derivative financial instruments. Capital management The Group’s capital management is designed to maintain a strong equity base with the aim of ensuring that its ability to repay its debts and financial well-being are maintained in the future. The Group’s financial policies are also based on the annual payment of a dividend. in € thousand 31.12.2015 31.12.2014 Equity 2,060,972 1,751,191 Equity ratio (in %) 53.5 50.1 NET FINANCIAL DEBT 1,336,908 1,371,801 Equity is reported here including the compensation claims by limited partners. Net financial debt is determined from the financial liabilities on the balance sheet date less cash and cash equivalents. 169 CONSOLIDATED FINANCIAL STATEMENTS Equity 2,060,9721,751,191 Equity ratio (in %) 53.550.1 NET FINANCIAL DEBT 1,336,9081,371,801

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