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MANAGEMENT REPORT /
Consolidated accounts and appropriation of company results
Summary of the
consolidated
accounts
Consolidated income statement – Analytical form
(x€1,000)
31.12.2014
31.12.2013
A. NET CURRENT RESULT
Rental income, net of rental-related expenses
195,827
195,185
Writeback of lease payments sold and discounted (non-cash)
15,931
25,276
Taxes and charges on rented properties not recovered
-2,756
-2,376
Redecoration costs, net of tenant compensation for damages
-928
-1,176
Property result
208,074
216,909
Technical costs
-3,802
-5,114
Commercial costs
-1,137
-956
Taxes and charges on unlet properties
-3,922
-4,075
Property result after direct property costs
199,213
206,764
Property management costs
-14,295
-14,258
Property operating result
184,918
192,506
Corporate management costs
-7,176
-6,887
Operating result before result on the portfolio
177,742
185,619
Financial income (IAS 39 excluded)
1
5,577
5,723
Financial charges (IAS 39 excluded)
2
-57,009
-66,972
Revaluation of derivative financial instruments (IAS 39)
-136,143
-13,686
Share in the result of associated companies and joint ventures
1,180
1,425
Taxes
-2,493
-2,179
Net current result
-11,146
109,930
Minority interests
-4,509
-5,006
Net current result – Group share
-15,655
104,924
B. RESULT ON THE PORTFOLIO
Gains or losses on disposals of investment properties and other non-financial assets
-22,441
147
Changes in the fair value of investment properties
-5,455
-26,260
Share in the result of associated companies and joint ventures
127
112
Other result on the portfolio
-10,378
-22,065
Result on the portfolio
-38,147
-48,066
Minority interests
1,131
1,879
Result on the portfolio – Group share
-37,016
-46,187
C. NET RESULT
Net result
-49,293
61,864
Minority interests
-3,378
-3,127
Net result – Group share
-52,671
58,737
1
Including IAS 39, at 31.12.2014 and 31.12.2013, the financial income amounted to
K€5,577 and K€19,305 respectively.
2
Including IAS 39, at 31.12.2014 and 31.12.2013, the financial charges amounted to
K€-193,152 and K€-94,240 respectively.
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