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DES - Online Annual Report 2008

My Annual Report

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My Annual Report

2. Non-current financial assets

Non-current financial assets are classified as Available-for-Sale and include an investment in a Polish corporation that is a joint venture managed by Deutsche EuroShop jointly with the other venturers. As Deutsche EuroShop does not exercise control over this company, the investment is measured at fair value in line with the provisions of IAS 39. The measurement gains and losses are recognised directly in equity. The fair value of financial instruments for which there are no quoted market prices is estimated on the basis of the market values of the properties determined by appraisals, less net indebtedness. The determination of fair value assumes the existence of a going concern. In addition, an investment in CASPIA Investments Sp. zo. o., Warsaw, which was not included in the scope of consolidation in the period under review due to the difficulty of obtaining company data, was reported under Non-current financial assets. This is a small property company which generated revenue of PLN 1,373 thousand in the period under review and a net profit for the period of PLN 891 thousand. Deutsche EuroShop has a direct interest of 74% in CASPIA and plans to include it in the consolidated financial statements of the coming financial year by way of full consolidation.

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