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DES GB2014 D

SHOPPING 67ANNUAL REPORT 2014 Deutsche EuroShop FINANCIAL STATEMENTS Consolidated cash flow statement in € thousand Note 01.01.– 31.12.2014 01.01.– 31.12.2013 Profit after tax 177,426 171,043 Income from the disposal of shareholdings 24. 0 -15,822 Profit/loss attributable to limited partners 26., 27. 27,433 20,431 Depreciation of intangible assets and property, plant and equipment 1., 2. 76 65 Unrealised changes in fair value of investment property 27. -88,302 -60,539 Net loss from derivatives 610 4,550 Other non-cash income and expenses 1,708 1,662 Profit/losses of joint ventures and associates 25., 31. -17,452 -5,849 Expenses from investment activities to be allocated to the cash flow 27. 0 64 Deferred taxes 28. 31,805 14,208 Operating cash flow 133,304 129,813 Changes in receivables 6., 7., 8., 30. -1,745 -1,402 Change in other financial investments 3,000 -3,000 Changes in current provisions 16. 2,495 -29,657 Changes in liabilities 14., 15., 17., 18., 30. -4,258 3,642 Cash flow from operating activities 132,796 99,396 Outflows for the acquisition of property, plant and equipment/investment properties 2., 3. -9,779 -18,491 Expenses from investment activities to be allocated to the cash flow 0 -64 Payments to acquire shareholdings in consolidated companies and business units 0 -59,438 Inflows/outflows to/from the financial assets 34,245 -600 Cash flow from investing activities 24,466 -78,593 Outflows from the repayment of financial liabilities 12. -58,384 -59,739 Payments to limited partners 29. -13,972 -12,285 Payments to Group shareholders 11., 29. -67,432 -64,735 Cash flow from financing activities -139,788 -136,759 Net change in cash and cash equivalents 17,474 -115,956 Cash and cash equivalents at beginning of period 40,810 161,006 Changes in the financial resources fund due to consolidation changes 0 -4,240 Cash and cash equivalents at end of period 58,284 40,810 Statement of changes in equity in € thousand Note Number of shares outstanding Share capital Capital reserves Other retained earnings Statutory reserve Available for sale reserve Cash flow hedge reserve Total 01.01.2013 53,945,536 53,945 961,987 323,134 2,000 12,193 -31,345 1,321,914 Total earnings recognised directly in equity 5,034 -12,193 8,348 1,189 Consolidated profit 171,043 171,043 Total profit 0 0 176,077 0 -12,193 8,348 172,232 Dividend payments 11. -64,735 -64,735 Other changes -17 -445 -462 31.12.2013 53,945,536 53,945 961,970 434,031 2,000 0 -22,997 1,428,949 01.01.2014 53,945,536 53,945 961,970 434,031 2,000 0 -22,997 1,428,949 Total earnings recognised directly in equity -7 -14,594 -14,601 Consolidated profit 177,426 177,426 Total profit 0 0 177,426 0 -7 -14,594 162,825 Dividend payments 11. -67,432 -67,432 31.12.2014 53,945,536 53,945 961,970 544,025 2,000 -7 -37,591 1,524,342 Notes to the consolidated financial statements for financial year 2014 General disclosures The Group parent company is Deutsche EuroShop AG, Hamburg, Germany. The Company’s registered office is Heegbarg 36, 22391 Hamburg, Germany, and it is entered in the Hamburg commercial register under HRB 91799. Deutsche EuroShop AG focuses on acquiring, managing, using and selling investments of all kinds, and in particular investments in retail properties. The consolidated financial statements of Deutsche EuroShop AG have been prepared in accordance with the International Finan- cial Reporting Standards (IFRSs) issued by the International Ac- counting Standards Board (IASB), including the interpretations of the International Financial Reporting Interpretations Commit- tee (IFRIC) and the supplementary provisions of German com- mercial law required to be applied under section 315a (1) of the Handelsgesetzbuch (HGB – German Commercial Code). They are based on the premise of a going concern. All IFRSs and IFRIC interpretations endorsed by the European Commission and re- quired to be applied as at 31 December 2014 have been applied. In addition to the consolidated balance sheet, consolidated income statement and the consolidated statement of comprehensive in- come, the consolidated financial statements comprise the consoli- dated statement of changes in equity, the cash flow statement and the notes to the consolidated financial statements. Amounts are mainly presented in thousands of €. The preparation of the consolidated financial statements necessi- tates the use of estimates and assumptions. These affect the reported amounts of assets, liabilities and contingent liabilities at the balance sheet date, as well as the recognition of income and expenses during the reporting period. The actual amounts can differ from these esti- mates. Expected cash flows and the discount factor in particular are critical parameters for the measurement of investment properties. A detailed list of the companies included in the consolidated financial statements forms part of the notes. The annual financial statements of the consolidated companies were prepared as at 31 December 2014, the reporting date of the consolidated financial statements. Profit after tax 177,426171,043 Profit/loss attributable to limited partners 26., 27. 27,43320,431 Depreciation of intangible assets and property, plant and equipment 1., 2. 7665 Net loss from derivatives 6104,550 Other non-cash income and expenses 1,7081,662 Expenses from investment activities to be allocated to the cash flow 27. 064 Deferred taxes 28. 31,80514,208 Operating cash flow 133,304129,813 18., 30. -4,2583,642 Cash flow from operating activities 132,79699,396 Cash and cash equivalents at beginning of period 40,810161,006 Cash and cash equivalents at end of period 58,28440,810 01.01.201353,945,53653,945961,987323,1342,00012,193 -31,3451,321,914 Total earnings recognised directly in equity 5,034 -12,1938,3481,189 Consolidated profit 171,043171,043 Total profit 00176,0770 -12,1938,348172,232 31.12.201353,945,53653,945961,970434,0312,0000 -22,9971,428,949 01.01.201453,945,53653,945961,970434,0312,0000 -22,9971,428,949 Consolidated profit 177,426177,426 Total profit 00177,4260 -7 -14,594162,825 31.12.201453,945,53653,945961,970544,0252,000 -7 -37,5911,524,342

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