DES GB2012 E

FINANCING ANALYSIS: IMPROVED INTEREST RATE CONDITIONS As of 31 December 2012, the Deutsche EuroShop Group reported the following key financial data: 2012 2011 CHANGE Total assets 3,548.9 3,225.1 +323.8 Equity (incl. third-party interests) 1,606.1 1,473.1 +133.0 Equity ratio (%) 45.3 45.7 -0.4 Net financial liabilities 1,489.7 1,407.7 +82.0 Loan to value ratio (%) 44 45 -1 At €1,606.1 million, the Group’s economic equity capital, which comprises the equity of the Group shareholders (€1,321.9 million) and the equity of the third-party shareholders (€284.2 million), was €133.0 million higher than in the previous year. Nevertheless, the equity ratio declined slightly by 0.4 percentage points to 45.3%, but continues to be above our minimum target of 45%. 2012 2011 Convertible bond 91,943 0 Non-current bank loans and overdrafts 1,371,154 1,335,986 Current bank loans and overdrafts 194,137 136,163 Total 1,657,234 1,472,149 Cash and cash equivalents -167,511 -64,408 Net financial liabilities 1,489,723 1,407,741 in € per share € thousand Current and non-current financial liabilities rose from €1,472.1 mil- lion to €1,657.2 million in the year under review, an increase of €185.1 million. At the same time, cash and cash equivalents rose by €103.1 million, leading net financial liabilities to increase by €82.0 million, from €1,407.7 million to €1,489.7 million. Of this, €126.7 million were used to finance the Herold-Center and €100.0 million to increase cash and cash equivalents. Meanwhile, loans amounting to €38.5 million were repaid. Two existing loans with a residual volume of €104.3 were prematurely extended or replaced by new loans in the year under review. While the loans’ average residual maturity at the time of their replacement was 2.0 years with an average rate of interest of 5.83%, the new loans were taken out for 10.0 years at an average rate of interest of 3.02%. As a result, we have again significantly improved the maturity and interest rate structure of our loan portfolio. The net financial liabilities existing at the end of the year are used exclusively to finance non-current assets. As a result, 44% of non- current assets were financed by loans in the year under review. The Group has access to a credit line in the sum of €150 million until 2014. Of this, €126.7 million had been drawn down as at the balance sheet date. Overall, the debt finance terms (including the convertible bond) as of 31 December 2012 remained fixed at 4.16% p.a. (2011: 4.59% p.a.) for an average period of 6.3 years (previous year: 6.6 years). Deutsche EuroShop maintains credit facilities with 23 banks which – with the exception of one in Austria – are all German banks. *average residual maturity IN % OF LOANS IN € MILLIONS DURATION (YEARS) IN % AVERAGE INTEREST RATE Up to 1 year 342.5 1.0 2.93% 1 to 5 years 428.7 3.7 4.74% 5 to 10 years 785.0 8.3 4.32% More than 10 years 93.0 14.6 5.05% 1,649.3 6.3 4.16% Loan structure as of 31 December 2012 Total 21 26 48 6 100 { 129 } DES ANNUAL REPORT 2012 GROUP MANAGEMENT REPORT Results of operations, ﬁnancial position and net assets

DES GB2012 E

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