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DES GB2015 Englisch

MDAX German mid-cap index comprising the 50 most important securities after the DAX members. exchange. Market capitalisation is calculated for individual companies, sectors, and entire stock markets, thus enabling comparisons between them. MULTI CHANNELING Using a combination of online and offline communication tools in marketing. NET ASSET VALUE (NAV) The value of an asset after deduction of liabilities. With regard to shares, the NAV constitutes their intrinsic value. The net net asset value (NNAV) is calculated by deducting deferred taxes from the NAV. PEER-GROUP A share price performance benchmark consisting of companies from similar sectors, put together on the basis of indi- vidual criteria. PERFORMANCE The term performance describes the percent- age appreciation of an investment or a securities portfolio during a given period. RETAIL SPACE Space in a building and/or an open area that is used for sales by a retail operation and that is accessible to customers. Service areas required for operational and legal purposes are not taken into account, nor are stairways or shop windows. The retail space is part of the leasable space of a business. ROADSHOW Corporate presentations to institutional in vestors. SAVINGS RATIO Share of savings of the income available in households. SUBPRIME Mortgage loan to borrower with a low degree of credit- worthiness. TECDAX The successor to the NEMAX 50, comprising the 30 largest German listed technology securities in terms of market capitalisation and market turnover. VOLATILITY Statistical measure for price fluctuations. The greater the fluctuations in the price of a security, the higher its volatility. XETRA An electronic stock ex-change trading system that, in con- trast to floor trading, uses and open order book, thus increasing mar- ket transparency. The trading hours are currently 9,00 a.m. to 5,30 p.m. FREE CASH FLOW The surplus cash generated from operating activities recognised in the profit and loss account. This expresses a company’s internal financing power, which can be used for invest- ments, the repayment of debt, dividend payments and to meet funding requirements. FUNDS FROM OPERATIONS (FFO) Cash flows from operating activi- ties. DES-calculation: net income for the period adjusted for measure- ment gains/losses and deferred income tax expense. GEARING Ratio which shows the relationship between liabilities and equity. HEDGE ACCOUNTING Financial mapping of two or more financial instruments that hedge one another. IFO BUSINESS CLIMATE INDEX The ifo Business Climate Index is an important forward indicator for economic development in Germany. In order to calculate the index, the ifo Institute asks approximately 7.000 companies every month for their assessment of the economic situation and their short-term corporate planning. INTEREST RATE SWAP Exchange of fixed and variable interest pay able on two nominal amounts of capital for a fixed period. By means of an interest rate swap, interest rate risks may be controlled actively. INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) In- ternational Financial Reporting Standards are based on International Accounting Standards (IASs). Since 1 January 2005, listed compa- nies have been required to apply IFRSs. IASs/IFRSs focus on the decision-usefulness of accounts. The key requirement with regard to the annual financial statements is fair presentation that is not qualified by aspects of prudence or risk provision. LOAN TO VALUE Ratio that ex-presses the amount of a mortgage as a percentage of the market value of real property. MALL Row of shops in a shopping center. MARKET CAPITALISATION The current quoted price for a share multi- plied by the number of shares listed on the stock. 181 SERVICE

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