The Group’s total assets increased by €851.5 million.
At end-2010 current assets amounted to €234.3 million, an increase of €142.4 million year-on-year (2009: €91.9 million). The price paid in advance in 2010 for the purchase of the Billstedt-Center on 1 January 2011 was €156.7 million. As at the reporting date, cash and cash equivalents amounted to €65.9 million, a fall of €16.0 million compared with the previous year (2009: €81.9 million). The majority was invested in the short term as term deposits.
Non-current assets rose by €709.1 million from €2,020.2 million to €2,729.3 million in the year under review.
Investment Properties increased by €709.7 million, €600.3 million of which was attributable to the first full consolidation of the Main- Taunus Zentrum, the Phoenix-Center and the A 10 Center and to the 17 percentage point increase of our shareholding in the Altmarkt- Galerie Dresden. The expansion measures at our centers in Dresden, Sulzbach and Wildau also led to investments totalling €75.3 million. Costs of investments in portfolio properties amounted to €2.6 million. The revaluation of our property portfolio also resulted in value increases amounting to €32.3 million and value decreases totalling €1.0 million.
Other non-current assets reduced in net terms by €0.6 million.
Current liabilities rose by €45.0 million from €41.1 million to €86.1 million, due in particular to the increase in current bank loans and overdrafts (+ €48.0 million). This related partly to the recourse to a short-term credit line in connection with payment of the purchase price for the Billstedt-Center, and also to the partial repayment of a loan for the City-Arkaden Wuppertal at the beginning of January 2011.
Other current liabilities fell in net terms by €3.1 million, primarily due to a reduction in other provisions.
Non-current liabilities rose by €478.2 million from €1,149.6 million to €1,627.8 million. This is mainly attributable to the first consolidation of the Main-Taunus-Zentrum and the Phoenix-Center, and our increased stake in the Altmarkt-Galerie. Non-current bank loans alone rose as a result by €186 million and third-party interests in the equity of property companies, shown under non-current liabilities as “Right to redeem of limited partners” rose by €165.2 million. In contrast, the acquisition of interests held by third parties in the City-Arkaden Wuppertal and City-Point Kassel by Deutsche EuroShop AG and ongoing distributions led to a reduction so that, in net terms, the right to redeem against limited partners rose by €154.8 million to €277.8 million (2009: €123.0 million).
In addition to the increase in non-current bank loans for consolidation reasons, the rise is also attributable to the raising of a long-term loan amounting to €125.0 million for the acquisition of the A 10 Center. Taking scheduled repayments into account, non-current bank loans rose in net terms by €305.9 million, from €921.2 million to €1,227.1 million.
Other non-current liabilities such as deferred tax liabilities and other liabilities rose by €17.4 million.
At €1,249.7 million, Group equity was up €328.4 million on the previous year (€921.3 million) in 2009. Key changes resulted from the two capital increases against cash contribution in February and November and from the non-cash capital increase in July 2010, which caused equity to rise by €294.6 million. Measurement of interest swaps and interests attributable to Group shareholders in accordance with IAS 39 led to a reduction in equity by €1.7 million. Of the other changes, the increase of €35.5 million in equity resulted in particular from the difference between the consolidated profit at €81.8 million and the dividend of €46.3 million paid out in June 2010.
31.12.2010 in € thousand | per share in € | 31.12.2009 in € thousand | per share in € | Change in % | |
---|---|---|---|---|---|
Equity | 1,249,651 | 24.20 | 921,325 | 24.37 | -0.7 |
Deferred taxes | 101,052 | 1.96 | 85,600 | 2.26 | -13.6 |
Total | 1,350,703 | 26.16 | 1,006,925 | 26.63 | -1.8 |
Number of shares | 51,631,400 | 37,812,496 | 36.5 |
Net asset value as at 31 December 2010 was €1,350.7 million or €26.16 per share, compared with €1,006.9 million or €26.63 per share in the previous year. Thus the net asset value has risen by €343.8 million or 34.1% over the previous year. €294.6 million is attributable to the capital measures performed in the year under review, which led to an increase in the number of shares issued by 36.5%. This has caused the net asset value per share to fall by 1.8% in comparison with the previous year.
The past financial year confirmed the Deutsche EuroShop Group’s good position. We met our own expectations once again without any notable events.