30. Joint ventures
Joint Ventures
Joint ventures, in which Deutsche EuroShop AG together with third parties has a majority of the voting rights, are proportionately included as joint ventures in the consolidated financial statements. For the purposes of proportionate consolidation, the share of the assets which are jointly controlled and the share of liabilities for which Deutsche EuroShop AG is jointly responsible, are assumed into the consolidated balance sheet. The income statement includes the share of the earnings and expenses of the jointly managed companies.
During the financial year, assets and liability items as well as expenses and earnings of the subsidiaries defined as joint ventures in line with IAS 31.56 have been included in the consolidated financial statements in the following way:
| in € thousands | 31 Dec 2008 | 31 Dec 2007 |
|---|---|---|
| Current assets | 19,299 | 14,579 |
| Non-current assets | 582,583 | 564,154 |
| Current liabilities | 8,673 | 4,890 |
| Non-current liabilities | 278,845 | 268,493 |
| Earnings | 39,483 | 50,805 |
| Expenses | -24,808 | 19,500 |
Equity-accounted associates
Small property companies in which Deutsche EuroShop indirectly or directly has an interest of 50% are part of the Group. Deutsche EuroShop exercises control over these companies together with other shareholders. In 2008, these companies were included in the consolidated financial statements and accounted for using the equity method for the first time. In this process, the share in these companies’ equity was compared to the net carrying amount and any differences recognised in income. In the period under review, a cumulative loss of €1,255 thousand was incurred from the measurement of these investments and is reported under measurement gains.
During the financial year, the equity-accounted companies posted the following assets and liability items and expenses and earnings:
| in € thousands | 31 Dec 2008 | 31 Dec 2007 |
|---|---|---|
| Current assets | 388 | 0 |
| Non-current assets | 10,655 | 0 |
| Current liabilities | 174 | 0 |
| Non-current liabilities | 7,200 | 0 |
| Earnings | 772 | 0 |
| Expenses | -874 | 0 |