DES 9M e 2014

DEUTSCHE EUROSHOP INTERIM REPORT 9M 2014 03 ADJUSTED EBT EXCLUDING MEASUREMENT GAINS/LOSSES UP 12% Earnings before taxes (EBT) decreased by €1.9 million, from €88.1 million to €86.2 million. After adjustment for measurement losses and the revenue from the Ilwro sale in the previous year, EBT climbed from €81.1 million to €90.9 million (+12%). TAX RATIO OF 19.4% Taxes on income and earnings came to €16.7 million (previous year: €14.8 million). €3.5 million of this (previous year: €1.8 million) was attributable to taxes to be paid and €13.2 million (previous year: €13.0 million) to deferred taxes. 14% INCREASE IN ADJUSTED CONSOLIDATED PROFIT Adjusted for the proceeds of the Wroclaw sale, consolidated profit was up 14%. On an unadjusted basis, it was 5% lower year-on-year at €69.5 million. Basic earnings per share were €1.29, compared with €1.36 in the previous year. EPRA earnings per share rose 14% from €1.19 per share to €1.36, in line with the adjusted consolidated profit. 30.09.2014 30.09.2013 in € thousand per share (€) in € thousand per share (€) Consolidated profit 69,472 1.29 73,207 1.36 Valuation gains/losses 4,412 0.08 7,387 0.14 Measurement gains/losses for equity- accounted companies 318 0.01 1,391 0.03 Proceeds from sales 0.00 -15,746 -0.29 Deferred taxes -890 -0.02 -1,944 -0.04 EPRA earnings 73,312 1.36 64,295 1.19 Weighted number of shares 53,945,536 53,945,536 FUNDS FROM OPERATIONS (FFO) UP 10% FFO rose from €80.1 million to €88.0 million, or from €1.48 to €1.64 per share (+10%). 30.09.2014 30.09.2013 in € thousand per share (€) in € thousand per share (€) Consolidated profit 69,472 1.29 73,207 1.36 Income from investment in Ilwro 0 0.00 -15,745 -0.29 Bond conversion expense 870 0.02 834 0.02 Valuation gains/losses 4,211 0.08 7,387 0.14 Measurement gains/ losses for equity- accounted companies 318 0.01 1,391 0.03 Deferred taxes 13,152 0.24 12,997 0.24 FFO per share 88,022 1.64 80,071 1.48 EPRA EARNINGS FUNDS FROM OPERATIONS RESULTS OF OPERATIONS REVENUE UP 8% Revenue for the reporting period came in at €149.7 million. This is more than 8% higher than in the same period the previous year (€138.2 million) and can largely be attributed to the Altmarkt-Galerie in Dresden, which has been fully consolidated since 1 May 2013. Like-for-like revenue from our shopping center portfolio rose by 2.2% year on year. OPERATING AND ADMINISTRATIVE COSTS FOR PROPERTY: 9.2% OF REVENUE Center operating costs were €13.7 million in the reporting period, compared with €13.6 million in the year-earlier period. Costs there- fore stood at 9.2% of revenue (previous year: 9.9%). OTHER OPERATING EXPENSES OF €4.5 MILLION Other operating expenses of €4.5 million were below those of the previous year (€4.7 million), as one-off costs were incurred in the previous year in connection with the withdrawal from DB Immobilien- fonds 12. EBIT UP 10% Earnings before interest and taxes (EBIT) increased by just under 10% or €11.8 million, from €120.5 million to €132.3 million. PRIOR-YEAR NET FINANCE COSTS AFFECTED BY THE SALE OF AN INVESTMENT Net finance costs went from €25.1 million to €41.7 million. Adjusted for the baseline effect caused by the sale last year of the investment in Ilwro Sp. zo.o, Poland (Galeria Dominikanska, €+16.6 million), they were in line with the previous year. Interest expense rose year on year by around €1.5 million, due in particular to the first-time con- solidation of the Altmarkt-Galerie Dresden from 1 May 2013. At the same time, the contribution to earnings from equity-accounted com- panies was down €1.9 versus the previous year. The “other financial expense” item, which results from the measurement of a swap for an Altmarkt-Galerie loan, shrank by €3.8 million versus the same period in the previous year. The profit attributable to third-party shareholders also rose by €0.3 million, from €11.9 million to €12.2 million. INVESTMENTS DRIVE NET MEASUREMENT LOSS The measurement loss was €4.4 million (previous year: loss of €7.4 million) and included investment costs incurred by our portfolio properties. DEUTSCHE EUROSHOP INTERIM REPORT 9M 201403 30.09.201430.09.2013 Consolidated profit 69,4721.2973,2071.36 Valuation gains/losses 4,4120.087,3870.14 accounted companies 3180.011,3910.03 EPRA earnings 73,3121.3664,2951.19 of shares 53,945,53653,945,536 30.09.201430.09.2013 Consolidated profit 69,4721.2973,2071.36 in Ilwro 00.00 -15,745 -0.29 Bond conversion expense 8700.028340.02 Valuation gains/losses 4,2110.087,3870.14 accounted companies 3180.011,3910.03 Deferred taxes 13,1520.2412,9970.24 FFO per share 88,0221.6480,0711.48

DES 9M e 2014

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