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DES - Online Annual Report 2009


Net assets

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Net assets

Balance sheet analysis

The Group’s total assets increased by around €105.3 million in the 2009 financial year.

Chart Balance sheet structure
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Current assets

At end-2009 current assets amounted to €91.9 million, an increase of €39.1 million year-on-year. This is largely attributable to a rise in cash and cash equivalents.

As at the reporting date, cash and cash equivalents amounted to €81.9 million, compared with €41.7 million in the previous year. The cash is invested as short-term deposits and time deposits.

Non-current assets

Non-current assets rose by €66.2 million from €1,954.0 million to €2,020.2 million in the year under review.

Property, plant and equipment of €21.2 million from the previous year was almost entirely reclassified to Investment properties in the year under review, as the reporting requirements for properties under construction have been amended from the 2009 financial year. This related to the costs incurred up to the end of 2008 for the expansion of the Altmarkt-Galerie Dresden.

Investment properties grew by €93.2 million compared with the previous year. Of this amount, €68.5 million was attributable to the first-time full consolidation of City-Point Kassel and €21.2 million to the reclassification from property, plant and equipment. The first-time consolidation of our Polish subsidiary CASPIA Investment sp.zo.o, which was still reported under investments in the previous year, increased investment properties by €2.7 million. In addition, €16.5 million was invested during the year under review in the expansion of the Altmarkt-Galerie Dresden and the Main-Taunus-Zentrum. Investment costs for the portfolio properties, including the restructuring in Kassel, amounted to €4.7 million. At the same time, the real estate portfolio experienced depreciation of €20.5 million.

Other non-current assets declined by €5.8 million, due in particular to the first-time consolidation of CASPIA Investments Sp. z o.o and depreciation on our shareholding in Polish company Ilwro Joint Venture Sp. z o.o (Galeria Dominikanska Wroclaw).

Current liabilities

Current liabilities fell by €11.5 million from €52.7 million to €41.2 million, due in particular to the reduction in current bank loans and overdrafts (€- 7.7 million).

Non-current liabilities

Non-current liabilities rose by €55.9 million from €1,093.7 million to €1,149.6 million. This is in part attributable to a rise in non-current bank loans and overdrafts (€+42.1 million) and the recognition of further deferred tax provisions (€+3.3 million). The redemption entitlements of the minority shareholders in our property companies have also increased (€+5.7 million), due primarily to the first-time full consolidation of the property City-Point Kassel GmbH & Co. KG, Pöcking (share attributable to minority shareholders: 10%) and other non-current liabilities (€+4.9 million).


At €921.3 million, Group equity was up €60.9 million on the previous year (€860.4 million) in 2009. Significant changes resulted from the capital increase of €66.6 million conducted in July 2009. Measurement of interest swaps and of interests attributable to Group shareholders measured in accordance with IAS 39 reduced equity by €3.6 million. Of the other changes, the reduction of €2.3 million in equity resulted in particular from the difference between the consolidated profit at €34.4 million and the dividend of €36.1 million paid out in June 2009.

Net asset value

Bar chart: Net Asset Value
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Net asset value as at 31 December 2009 was €1,006.9 million or €26.63 per share, compared with €942.8 million or €27.43 per share in the previous year. This equates to a fall of 2.9% year-on-year.

NET ASSET VALUE € thousand 2009 2008
Equity 921,325 860,450
plus deferred taxes 85,600 82,313
Net asset value of Deutsche EuroShop AG = net asset value 1,006,925 942,763
Number of shares 37,812,496 34,374,998
Net asset value per share (€) 26.63 27.43

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