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DES - Online Annual Report 2008

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Basis of consolidation

Subsidiaries

The consolidated financial statements include all material subsidiaries in which Deutsche EuroShop AG directly or indirectly holds a majority of voting rights, plus those companies which are joint ventures.

As of 31 December 2008, the basis of consolidation comprised, in addition to the parent company, 12 (previous year: 12) fully consolidated domestic and foreign subsidiaries and 8 (previous year: 8) proportionately consolidated domestic and foreign companies.

Investments over which Deutsche EuroShop AG does not exercise control are measured at fair value, in line with the provisions of IAS 39. This includes the investment in Ilwro Joint Venture Sp. zo. o., Warsaw.

Associates

Previously, companies with no business operations or with a low volume of business were not included in the consolidated financial statements for reasons of materiality. In accordance with IAS 28, Deutsche EuroShop exercises a significant influence but no control over these companies and generally holds 20% to 50% of the shares. This relates to the following companies:

In the period under review, Deutsche EuroShop Verwaltungs GmbH invested in three shelf companies for a purchase price of €0. This relates to the following companies:

The above mentioned companies were accounted for using the equity method pursuant to IAS 28 for the first time.

A detailed list of the companies included in the consolidated financial statements is included as part of the notes. A list of shareholdings in accordance with section 285 no. 11 of the Handelsgesetzbuch (HGB - German Commercial Code) and section 313 (2) nos. 1 to 4 and (3) of the HGB is published in the electronic Federal Official Gazette.

The annual financial statements of the consolidated companies were prepared as at 31 December 2008, the reporting date of the consolidated financial statements.

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