April 1, 2014 to December 31, 2014
Ifrs 14 “regulatory Deferral accounts”
G. notes to the consolIDateD statement of chanGes In equIty
7. release for publication
These consolidated financial statements were prepared by the Executive Board on June 2, 2015, and have been released for publication.
Frankfurt/Main, June 2, 2015
DEMIRE Deutsche Mittelstand Real Estate AG
hon.-prof. andreas steyer mrIcs Dipl.-kfm. (fh) markus Drews Speaker of the Executive Board (CEO) Member of the Executive Board (COO)
185
Group company Group’s
interest in capital
Date of foundation
/acquisi-tion
Acquisi-tion cost
EURk
Fiscal year
Directly held interests:
Germany
DEMIRE Deutsche Mittel-stand Real Estate AG, Frankfurt/Main
Subsidiary acquired 100.00 % 29/10/2009 21,160 01/01/2014 – 31/12/2014 DEMIRE Commercial Real
Estate GmbH, Frankfurt/Main
Subsidiary acquired 100.00 % 21/10/2008 25 01/01/2014 – 31/12/2014 DEMIRE Commercial Real
Estate ZWEI GmbH, Frankfurt/Main
Subsidiary acquired 100.00 % 20/08/2014 25 01/01/2014 – 31/12/2014 DEMIRE CONDOR Properties
Management GmbH, Frankfurt/Main
Subsidiary acquired 100.00 % 17/10/2014 28 01/01/2014 – 31/12/2014 foreIGn countrIes
MAGNAT Capital Markets
GmbH, vienna, Austria Subsidiary acquired 100.00 % 05/05/2009 35 01/01/2014 – 31/12/2014
186
Subsidiary acquired 99.64 %2 29/10/2009 N/A4 01/04/2014 – 31/12/2014 Zweite MAGNAT
Immo-biliengesellschaft mbH, Frankfurt/Main
Subsidiary acquired 99.64 %2 29/10/2009 N/A4 01/01/2014 –
company acquired 24.78 %1 29/10/2009 N/A4 01/04/2014 -31/03/20155 DEMIRE Real Estate
Mün-chen I GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 27/11/2013 27 01/01/2014 – 31/12/2014 MUNICH ASSET
vermögens-verwaltung GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 05/02/2014 26 01/01/2014 – 31/12/2014 CAM Commercial Asset
Management EINS GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 31/12/2014 26.625 01/01/2014 – 31/12/2014 CAM Commercial Asset
Management ZWEI GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 31/12/2014 7.663 01/01/2014 – 31/12/2014 CAM Commercial Asset
Management DREI GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 31/12/2014 9.830 01/01/2014 – 31/12/2014 CAM Commercial Asset
Management vIER GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 31/12/2014 8.139 01/01/2014 – 31/12/2014 Schwerin Margaretenhof 18
GmbH, Berlin Subsidiary acquired 100.00 %1 31/12/2014 1.599 01/01/2014 – 31/12/2014 DEMIRE Holding EINS
GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 20/08/2014 25 01/01/2014 – 31/12/2014 Condor Real Estate
Ma-nagement EINS GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 20/08/2014 25 01/01/2014 – 31/12/2014 Condor Real Estate
Ma-nagement ZWEI GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 20/08/2014 25 01/01/2014 – 31/12/2014 Condor Real Estate
Ma-nagement DREI GmbH, Frankfurt/Main
Subsidiary acquired 100.00 %1 20/08/2014 25 01/01/2014 – 31/12/2014 Condor Objektgesellschaft
Eschborn GmbH, Frankfurt/Main
Subsidiary acquired 94.00 % 15/12/2014 1.550 01/01/2014 – 31/12/2014
187
Subsidiary acquired 94.00 % 15/12/2014 113 01/01/2014 – 31/12/2014 Condor Real Estate
Ma-nagement FÜNF GmbH, Frankfurt/Main
Subsidiary acquired 100.00 % 05/06/2014 25 01/01/2014 – 31/12/2014 Condor Objektgesellschaft
Düsseldorf GmbH, Frankfurt/Main
Subsidiary acquired 94.00 % 15/12/2014 793 01/01/2014 – 31/12/2014 Condor Objektgesellschaft
Bad Oeynhausen GmbH, Frankfurt/Main
Subsidiary acquired 94.00 % 30/09/2014 160 01/01/2014 – 31/12/2014 Condor Objektgesellschaft
Rendsburg GmbH, Frankfurt/Main
Subsidiary acquired 94.00 % 30/09/2014 152 01/01/2014 – 31/12/2014 Condor Objektgesellschaft
yELLOW GmbH, Frankfurt/Main
Subsidiary acquired 94.00 % 30/09/2014 1,387 01/01/2014 – 31/12/2014 Condor Objektgesellschaft
Lichtenfels GmbH, Frankfurt/Main
Subsidiary acquired 94.00 % 30/09/2014 194 01/01/2014 –
Subsidiary acquired 99.64 %1 29/10/2009 N/A4 01/04/2014 – 31/12/2014 MAGNAT Investment II B.v.,
Hardinxveld Giessendam, Netherlands
Subsidiary acquired 100.00 % 1 29/10/2009 N/A4 01/04/2014 – 31/12/2014 MAGNAT Investment Iv B.v.,
Hardinxveld Giessendam, Netherlands
Subsidiary acquired 100.00 % 1 29/10/2009 N/A4 01/04/2014 – 31/12/2014 R-QUADRAT Polska Alpha
Sp. z o.o., Warsaw, Poland Joint
venture acquired 50.00 %1 29/10/2009 N/A4 01/01/2014 – 31/12/2014 Russian Land AG,
vienna, Austria Associated
company acquired 40.34 %1 29/10/2009 N/A4 01/01/2014 – 31/12/2014 Lumpsum Eastern
Euro-pean Participations C.v., Osterhout, Netherlands
Subsidiary formed 94.00 %1 29/01/2012 N/A4 01/04/2014 – 31/12/2014 MAGNAT Real Estate UA X
B.v., Hardinxveld Giessen-dam, Netherlands
Subsidiary acquired 99.64 %2 29/10/2009 N/A4 01/01/2014 – 31/12/2014
188 MAGNAT Real Estate UA XI B.v., Hardinxveld Giessen-dam, Netherlands
Subsidiary acquired 99.64 %2 29/10/2009 N/A4 01/04/2014 – 31/12/2014 MAGNAT Real Estate UA I
B.v., Hardinxveld Giessen-dam, Netherlands
Subsidiary acquired 100.00 %1 29/10/2009 N/A4 01/04/2014 – 31/12/2014 MAGNAT Real Estate Project
Sadko, Hardinxveld Gies-sendam, Netherlands B.v.
Subsidiary acquired 100.00 %1 29/10/2009 N/A4 01/04/2014 – 31/12/2014 MAGNAT Real Estate UA v
B.v., Hardinxveld Giessen-dam, Netherlands
Subsidiary acquired 100.00 %1 29/10/2009 N/A4 01/04/2014 –
Subsidiary acquired 100.00 %1 29/10/2009 N/A4 01/04/2014 – 31/12/2014
MAGNAT Real Estate UA XII B.v., Hardinxveld Giessen-dam, Netherlands B.v.
Subsidiary acquired 100.00 %1 29/10/2009 N/A4 01/04/2014 – 31/12/2014 SC vICTORy Consulting
In-ternational s.r.l., Bucharest, Romania
Subsidiary acquired 99.64 %2 29/10/2009 N/A4 01/01/2014 – 31/12/2014 OOO Sadko Holding,
Moscow, Russia Subsidiary acquired 100.00 %1 29/10/2009 N/A4 01/01/2014 – 31/12/2014 OOO New Sadko Holding,
Moscow, Russia
Subsidiary acquired 100.00 %1 29/10/2009 N/A4 01/01/2014 – 31/12/2014 R-Quadrat Bulgaria EOOD,
Sofia, Bulgaria Subsidiary acquired 99.64 %2 29/10/2009 N/A4 01/01/2014 – 31/12/2014 OXELTON ENTERPRISES
Limited, Limassol, Cyprus Joint
venture acquired 59.78 %2 29/10/2009 N/A4 01/01/2014 – 31/12/2014 IRAO MAGNAT DIGOMI LLC,
Tbilisi, Georgia Subsidiary acquired 74.73 %2 29/10/2009 N/A4 01/01/2014 –
acquired 50.00 %2 29/10/2009 N/A4 01/01/2014 – 31/12/2014 IRAO MAGNAT Tbilisi Office
1 LLC, Tbilisi, Georgia Subsidiary acquired 99.64 %2 29/10/2009 N/A4 01/01/2014 – 31/12/2014
189
Subsidiary acquired 100.00 %1 29/10/2009 N/A4 01/01/2014 – 31/12/2014 IRAO MAGNAT Gudiashvili
LLC, Tbilisi, Georgia Joint
venture formed 50.00 %3 04/04/2011 N/A4 01/01/2013 – 31/12/2013 Kappatrade Ltd., Kiev,
Ukraine Subsidiary acquired 99.64 %2 19/10/2010 N/A4 01/01/2014
– 31/12/2014 Polartrade Ltd., Kiev,
Ukraine Subsidiary acquired 99.64 %2 19/10/2010 N/A4 01/01/2014
– 31/12/2014 Denston Investments Ltd.
Cyprus Cyan Bayreuth, Nicosia, Cyprus
Subsidiary acquired 94.00 % 11/12/2014 83 01/01/2014 – 31/12/2014 Blue Ringed S.à.r.l.
Luxemburg Pink Darmstadt, Luxembourg
Subsidiary acquired 94.00 % 11/12/2014 118 01/12/2013 – 30/11/2014 Briarius S.à.r.l. Luxembourg
Pink Kempten, Luxembourg Subsidiary acquired 94.00 % 11/12/2014 90 01/12/2013 – 30/11/2014 Armstripe S.à.r.l.
Luxemburg Pink Ulm, Luxembourg
Subsidiary acquired 94.00 % 11/12/2014 408 01/12/2013 – 30/11/2014 Reubescens S.à.r.l.
Luxembourg Magenta various, Luxembourg
Subsidiary acquired 94.00 % 11/12/2014 89 01/12/2013 – 30/11/2014 GO Leonberg ApS
Denmark Cyan Leonberg, Copenhagen, Denmark
Subsidiary acquired 94.00 % 11/12/2014 59 01/01/2014 –
Subsidiary acquired 94.00 % 11/12/2014 45 01/01/2014 – 31/12/2014
GO Bremen ApS Denmark Cyan Bremen, Copenhagen, Denmark
Subsidiary acquired 94.00 % 11/12/2014 221 01/01/2014 – 31/12/2014
1 Interests are held indirectly through DEMIRE Deutsche Mittelstand Real Estate AG, Frankfurt/Main.
2 Interests are held indirectly through MAGNAT Investment I B.V., Hardinxveld Giessendam, Netherlands, and Lumpsum Eastern European Participations C.V., Osterhout, Netherlands. The Group holds a total of 50% in Irao Magnat 28/2 LLC through numerous group companies.
3 Interests are held indirectly through MAGNAT Investment IV B.V., Hardinxveld Giessendam, Netherlands.
4 No disclosure was made because the relevant companies were acquired indirectly as part of the reverse acquisition.
5 Included on the basis of the interim report as at December 31, 2014.
190
company Type Head office Fiscal year Equity in EURk
Management EINS GmbH Subsidiary Germany, Frankfurt/
Management ZWEI GmbH Subsidiary Germany, Frankfurt/
Management DREI GmbH Subsidiary Germany, Frankfurt/
Management vIER GmbH Subsidiary Germany, Frankfurt/
Real Estate ZWEI GmbH Subsidiary Germany, Frankfurt/
DEMIRE Holding EINS GmbH Subsidiary Germany, Frankfurt/
Management EINS GmbH Subsidiary Germany, Frankfurt/
191 company Type Head office Fiscal year Equity in
EURk
GO Bremen ApS Denmark Cyan
Bremen Subsidiary Denmark,
Management ZWEI GmbH Subsidiary Germany, Frankfurt/
Management DREI GmbH Subsidiary Germany, Frankfurt/
Cyprus Cyan Bayreuth Subsidiary Cyprus,
Nicosia 01/01/2014
Bad Kreuznach GmbH Subsidiary Germany, Frankfurt/
192
company Type Head office Fiscal year Equity in EURk
Bad Oeynhausen GmbH Subsidiary Germany, Frankfurt/
MAGNAT AM GmbH Subsidiary Austria,
vienna 01/01/2014
MAGNAT Investment I B.v. Subsidiary Nether-lands,
193 company Type Head office Fiscal year Equity in
EURk
MAGNAT Real Estate UA X B.v. Subsidiary Nether-lands,
MAGNAT Real Estate UA XI B.v. Subsidiary Nether-lands,
R Quadrat Bulgaria EOOD Subsidiary Bulgaria, Sofia
OOO Sadko Holding Subsidiary Russia,
Moscow
01/01/2014 – 31/12/2014
35 100 0
OOO New Sadko Holding Subsidiary Russia, Moscow
01/01/2014 – 31/12/2014
15 100 0
IRAO MAGNAT Digomi LLC Subsidiary Georgia, Tbilisi
01/01/2014 – 31/12/2014
-1,186 75 -145
IRAO MAGNAT 28/2 LLC Joint venture Georgia, Tbilisi
01/01/2013 – 31/12/2013
265 50 -9
IRAO MAGNAT Gudiashvili LLC Joint venture Georgia, Tbilisi
01/01/2014 – 31/12/2014
60 50 -8
MAGNAT Tbilisi Office 1 LLC Subsidiary Georgia, Tbilisi
194
company Type Head office Fiscal year Equity in EURk
MAGNAT Investment II B.v. Subsidiary Nether-lands,
MAGNAT Real Estate UA I B.v. Subsidiary Nether-lands,
MAGNAT Real Estate UA v B.v. Subsidiary Nether-lands,
MAGNAT Real Estate UA XII B.v. Subsidiary Nether-lands,
MAGNAT Investment III B.v. 2
Nether-lands,
195 company Type Head office Fiscal year Equity in
EURk
Interest in equity in %1
Profit/
loss of last fiscal year
MAGNAT Investment Iv B.v. Subsidiary Nether-lands, Har-dinxveld
Giessen-damm
01/04/2014 – 31/12/2014
334 100 -6
R-Quadrat Polska Alpha Sp. z o.o.
Joint venture Poland, Warsaw
01/01/2014 – 31/12/2014
11,300 50 1,151
Russian Land AG Associated
company Austria,
vienna 01/01/2014 – 31/12/2014
40.34
1 The share in the equity corresponds to the control relationship before taking into account any non-controlling interests within the Group.
2 Joint venture, not accounted for using the equity method.
3 Based on internal subgroup financial statements underlying these consolidated financial statements.
4 Stated amounts are based on the financial statements as of 31/12/2011 and 31/03/2011.
5 Indirect investment through Magnat AM GmbH (AT).
6 Held in trust (beneficial ownership). No information provided in the schedule of shareholdings as they are already included in the consolidated subgroup financial statements of the parent company OXELTON ENTERPRISES Limited.
196
As the Executive Board of DEMIRE Deutsche Mittelstand Real Estate AG, we hereby confirm to the best of our knowledge, and in accordance with the applicable reporting principles, that the consolidated financial statements give a true and fair view of the net assets, financial position, and results of operations of the Group, and furthermore that the Group management report includes a fair review of the development of the business including the results and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.
Frankfurt/Main, June 3, 2015
hon.-prof. andreas steyer mrIcs Dipl.-kfm. (fh) markus Drews Speaker of the Executive Board (CEO) Member of the Executive Board (COO)
197 We have audited the consolidated financial statements prepared by DEMIRE Deutsche Mittelstand
Real Estate AG, Frankfurt/Main, comprising the consolidated balance sheet, consolidated statement of income, statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows, and the notes to the consolidated financial statements as well as the management report for the Group and the Company for the fiscal year from April 1, 2014 to December 31, 2014. It is the responsibility of the governing bodies of the Company to prepare the consolidated financial statements and the management report for the Group and the Company in accordance with IFRS, as applicable in the EU, and with the supplementary provisions of the German commercial law applicable pursuant to Section 315a para. 1 HGB. Our task is to deliver a judgment on the consolidated financial statements and the management report for the Group and the Company on the basis of the audit we have undertaken.
We have conducted our audit of the consolidated financial statements in accordance with Section 317 HGB in consideration of the German auditing standards defined by the Institut der Wirtschaftsprüfer (IDW). These require the audit to be planned and conducted in such a manner as to detect, with adequate certainty, any inaccuracies or infringements which may have a significant impact on the impression of the net assets, financial position, and results of operations, as conveyed by the consolidated financial statements in consideration of the applicable accounting standards, and by the management report for the Group and the Company. In determining the actions to be taken as part of the auditing procedure, consideration was given to the knowledge of the business activities of the Group and its economic and legal environment, as well as to the possible errors likely to be encountered. In the course of the audit, the effectiveness of the internal accounting-related control system and proof of the information contained in the consolidated financial statements and the management report for the Group and the Company were assessed on the basis of random samples. The audit encompasses a review of the financial statements of the companies included in the consolidated financial statements, the scope of consolidation, the accounting and consolidation principles applied, and the principal assessments made by the governing bodies, as well as an evaluation of the overall presentation of the consolidated financial statements and of the management report for the Group and the Company. We are of the opinion that our audit forms an adequately secure foundation on which to base our judgment.
Our audit has caused us to raise no objections.
In our judgment based on the findings of our audit, the consolidated financial statements comply with IFRS as applicable in the EU and with the supplementary provisions of German commercial law applicable pursuant to Section 315a para. 1 HGB, and in consideration of the principles of proper accounting convey an image of the Group’s net assets, financial position, and results of operations which concurs with the true circumstances. The management report for the Group and the Company is consistent with the consolidated financial statements and overall presents an accurate image of the position of the Group and the opportunities and risks of future development.
Eschborn / Frankfurt/Main, June 3, 2015
Ernst & young GmbH
WirtschaftsprüfungsgeseIschaft
schmitt kresin
Auditor Auditor
198
puBlIsher responsIBle
DemIre Deutsche mittelstand real estate aG Lyoner Straße 32
D-60528 Frankfurt am Main T +49 (0)69 719 189 79-0 F +49 (0)69 719 189 79-11 [email protected]
www.demire.ag
Investor relatIons GfeI aktiengesellschaft Office Center Plaza Mailänder Straße 2 30539 Hannover T +49 (0)511 474 023-10 F +49 (0)511 474 023-19 [email protected]
www.gfei.de status: June 2015
199