DES H1 E 2013

Interim Report H1 2013 DES Interim Report Q1 2013 { 3 } Income taxes down on previous year As a result of last year’s restructuring, taxes on income and earnings declined and can therefore not be readily compared with the same period of the previous year. Overall, the tax ratio fell from 30 % to 21 %. Tax expense amounted to € 10.4 million. € 0.8 million of this was attributable to taxes to be paid and € 9.6 million to deferred taxes. 28 % increase in consolidated profit Consolidated profit amounted to € 41.8 million, € 9.2 million (+28 %) higher year-on-year. Earnings per share (basic) amounted to € 0.77, compared with € 0.63 in the previous year. EPRA earnings per share rose 28 % from € 0.65 per share to € 0.83. Earnings per share 01.01. – 30.06.2013 01.01. – 30.06.2012 in € thousand per share in € in € thousand per share in € Consolidated profit 41,776 0.77 32,578 0.63 Measurement gains / losses 2,462 0.05 1,644 0.03 Measurement gains / losses for equity- accounted companies 1,391 0.03 223 0.00 Deferred taxes -1,020 -0.02 -503 -0.01 EPRA * earnings 44,609 0.83 33,942 0.65 Weighted no. of shares in thousands 53,945 51,935 * European Public Real Estate Association Funds from operations (FFO) up 15 % FFO rose from € 46.4 million to € 55.3 million, or from € 0.89 to € 1.02 per share (+15 %). 30.06.2013 30.06.2012 in € thousand per share in € in € thousand per share in € Consolidated profit 41,776 0.77 32,578 0.63 Measurement gains / losses 2,462 0.05 1,644 0.03 Measurement gains / losses for equity- accounted companies 1,391 0.03 223 0.00 Deferred taxes 9,637 0.18 11,957 0.23 FFO 55,266 1.02 46,402 0.89 Financial Position and Net Assets Net assets and liquidity The Deutsche EuroShop Group’s total assets increased by € 183.6 mil- lion compared with the year-end figure in 2012 to € 3,343.0 million. Non-current assets increased by € 257.1 million. The main reason for this was the first-time full consolidation of the Altmarkt-Galerie Dresden. Receivables and other current assets fell by € 0.7 million. At € 85.5 million, cash and cash equivalents were € 72.7 million lower than on 31 December 2012 (€ 158.2 million). Equity ratio of 45.2 % As a result of the dividend paid in June (€ 64.7 million), the equity ratio (incl. shares held by third-party shareholders) was down 3.2 per- centage points. It amounted to 45.2 % on the reporting date com- pared to 48.4 % on 31 December 2012. Liabilities As at 30 June 2013, financial liabilities stood at € 1,564.4 million and were therefore € 206.7 million higher than at the end of 2012. This increase is also largely the result of the first-time full consolidation of the Altmarkt-Galerie Dresden. Non-current deferred tax liabilities increased by € 11.4 million to € 191.9 million due to additional pro- visions. Redemption entitlements for third-party shareholders fell by around € 0.3 million. Other liabilities and provisions were reduced by € 15.7 million, primarily due to tax payments made. The Shopping Center Share Following a year-end closing price of € 31.64 in 2012, Deutsche EuroShop shares experienced an initial slight decline until the mid- dle of January before stabilising a short time later within a range of between € 31.00 and € 31.80. The price then began to rise in mid April, reaching levels above € 33.00 over the course of May. On 20 May 2013, the share climbed to € 34.48, not only its high for the period but also a new all-time high. The price at the end of the first six months was € 30.58. Taking into account the dividend of € 1.20 per share paid on 21 June 2013, this corresponds to a performance of 0.4 % in the first six months of the year. The MDAX recorded a 15.0 % gain over the same period. Deutsche EuroShop’s market capi- talisation stood at € 1.6 billion on 28 June 2013. Deutsche EuroShop vs. MDAX and EPRA Comparison, January to July 2013 (indexed, base of 100, in %) MDAX EPRADeutsche EuroShop Jan MarFeb Apr May Jun Jul Aug 120 130 90 100 110 120 130 125 120 115 110 105 100 95

DES H1 E 2013

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