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46 ANNUAL REPORT 2014Deutsche EuroShop INVESTOR RELATIONS Tax situation regarding the dividend Dividends that are paid to shareholders domiciled in Ger- many are subject to German income or corporation tax. Since 2009, the uniform flat-rate tax rate for private in- vestors is 25% plus a solidarity surcharge. Exceptions can be made under certain conditions for dividend payments that are considered equity repayments for tax purposes (distribution from EK04, or from the tax contribution account since 2001). The Deutsche EuroShop dividend meets some of these conditions. Pursuant to Art. 20, para. 1 (1) (3) of the Income Tax Act, the dividend pay- ment represents partially non-taxable (i.e. not subject to taxation) income for shareholders. However, following the revised legislation, distribu- tions have been taxable since 2009 as profits from the sale of shares acquired after 31 December 2008 are taxable. In this case, the dividend distributions reduce the acqui- sition cost of the stake in Deutsche EuroShop and there- fore result in higher sales proceeds at the time of the sale. SHAREHOLDER’S STRUCTURE REGIONAL in % Germany 64.0 Other 2.0 Switzerland 1.0 7.0 Netherlands 4.0 Belgium 6.0 United Kindom 3.0 Norway 5.0 France 8.0 USA SHAREHOLDERS’ STRUCTURE in % 16.0 Otto family 4.1 BlackRock 24.3 Private investors Institutional investors 55.6 Stable shareholder structure The number of investors rose again slight- ly in 2014: Deutsche EuroShop now has around 9,750 shareholders (as at 15 April 2015, previous year: 9,300, +5%). The structural breakdown has barely changed: institutional investors hold around 55.6% (previous year: 53.7%) of the shares, and as in the previous year private investors hold around 24.3%. The Otto family’s stake re- mains unchanged at 16.0%. While the share- holding of Gemeinnützige Hertie-Stiftung fell below the 3% mark due to disposals, BlackRock increased its previously report- ed stake in DES (3.0%) to 4.1%. In a shareholder identification process, we have been able to analyse the interna- tional distribution of our shares. While German investors continue to hold a clear majority (around 64%) in Deutsche Euro- Shop, the shareholder structure is domi- nated by European investors overall, with Dutch, British and French investors leading the way. US investors represent around 8% of DES shares. When the dividends are good, all is well The Executive and Supervisory Boards will once again propose a €0.05 increase in the dividend payment (€1.30 per share) for the 2014 financial year to the Annual General Meeting on 18 June 2015 in Hamburg. With our long-term strategy of a divi- dend policy based on continuity and a yield of 3.6 % (based on the 2014 year-end closing price of €36.20), we hope to cement further the confidence of our existing shareholders and attract new investors. Our intention to further increase the dividend by €0.05 per share each year until 2016 should also help to achieve this. As a result, €1.40 per share is to be paid out in 2017 for financial year 2016. C All share price information relates to Xetra 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Market capitalisation (basis: year-end closing price) (€million) 1,953 1,717 1,707 1,280 1,496 895 835 808 965 816 602 Number of shares (year-end) 53,945,536 53,945,536 53,945,536 51,631,400 51,631,400 37,812,496 34,374,998 34,374,998 34,374,998 34,374,998 31,250,000 Weighted average number of shares 53,945,536 53,945,536 51,934,893 51,631,400 51,631,400 36,799,402 34,374,998 34,374,998 34,374,998 31,575,340 31,250,000 High€ 37.84 (12.06.2014) 34.48 (20.05.2013) 32.03 (01.11.2012) 29.06 (01.06.2011) 28.98 (30.12.2010) 26.00 (06.01.2009) 28.40 (13.05.2008) 30.09 (23.04.2007) 29.12 (31.03.2006) 25.25 (27.07.2005) 19.44 (29.12.2004 Low€ 30.72 (04.02.2014) 29.45 (24.06.2013) 23.72 (06.01.2012) 22.94 (23.11.2011) 21.72 (01.07.2010) 18.66 (06.03.2009) 18.50 (20.11.2008) 23.22 (20.08.2007) 23.89 (02.01.2006) 19.12 (05.01.2005) 16.45 (12.08.2004) Year-end closing price (31.12.) € 36.20 31.83 31.64 24.80 28.98 23.67 24.30 23.50 28.08 23.73 19.26 Dividend per share (€) 1.301 1.25 1.20 1.10 1.10 1.05 1.05 1.05 1.05 1.00 0.96 Dividend yield (31.12.) % 3.6 3.9 3.8 4.4 3.8 4.4 4.3 4.5 3.7 4.2 5.0 Annual performance excl./incl. dividend 13.7%/ 17.7% 0.6%/ 4.5% 27.6%/ 32.7% -14.4%/ -11.1% 22.4%/ 28.1% -2,6%/ 2,1% 3.4%/ 7.9% -16.3%/ -13.1% 18.4%/ 22.8% 23.2%/ 28.7% 14.1%/ 19.6% Average daily trading volume (shares) 113,000 (incl. Multilateral Trading Facilities >250,400 112,400 (incl. Multilateral Trading Facilities >204,000) 129,400 (incl. Multilateral Trading Facilities >174,000) 125,400 (incl. Multilateral Trading Facilities >210,000) 116,084 113,008 143,297 144,361 93,744 76,786 36,698 EPS (€) (undiluted) 3.29 3.17 2.36 1.92 -0.17 0.93 2.00 2.74 2.92 1.55 0.89 1 prosopoal SHARE PRICE AND DIVIDEND SINCE IPO Share price in € 50 40 30 20 10 0 Dividend1 in € 1.25 1.00 0.75 0.50 0.25 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 0.96 0.96 0.96 0.96 1.00 1.05 1.05 1.05 1.05 1.10 1.10 1.20 1.25 1.302 1.352 1.402 1 Price on 15 April 2015 1 Dividend (paid for the previous year) 2 proposal 16.88 15.50 19.26 23.73 28.08 23.50 24.30 23.67 28.98 24.80 31.64 31.56 47.771 33.73 Good Arguments 10 reasons… to invest in Deutsche EuroShop shares 01. The only public company in Germany to invest solely in shopping centers 02. First-rate locations 03. Proven, conservative strategy 04. Stable cash flow with high levels of certainty for the long term 05. Shareholder-friendly dividend policy 06. Experienced management team 07. Excellent performance record 08. Centers almost fully let 09. Inflation-protected rental agreements 10. Solidity combined with growth potential All share price information relates to Xetra 20142013201220112010200920082007200620052004 closing price) (€million) 1,9531,7171,7071,2801,496895835808965816602 Number of shares (year-end) 53,945,53653,945,53653,945,53651,631,40051,631,40037,812,49634,374,99834,374,99834,374,99834,374,99831,250,000 of shares 53,945,53653,945,53651,934,89351,631,40051,631,40036,799,40234,374,99834,374,99834,374,99831,575,34031,250,000 Year-end closing price (31.12.) € 36.2031.8331.6424.8028.9823.6724.3023.5028.0823.7319.26 1.251.201.101.101.051.051.051.051.000.96 Dividend yield (31.12.) % 3.63.93.84.43.84.44.34.53.74.25.0 >210,000) 116,084113,008143,297144,36193,74476,78636,698 EPS (€) (undiluted) 3.293.172.361.92 -0.170.932.002.742.921.550.89