DES GB2015 Englisch

Vacancy rate remains below 1% As in previous years, the vacancy rate for retail spaces remained stable at under 1%. At €0.9 million (2014: €0.7 million) or 0.5% of rev- enue (2014: 0.4%), write-downs for rent losses once again remained at a very low level. Operating and administration costs for property up slightly versus previous year The property operating costs of €9.4 million (2014: €9.1 million) were, at €0.3 million, slightly above the prior year figure as were the property administrative costs which, at €10.0 million (2014: €9.9 million) were at the previous year’s level. Overall, the cost ratio remained largely constant at 9.6% of revenue (2014: 9.5%). Other operating income and expenses driven by non-recurring effects Other operating income of €0.8 million was below that of the previous year (€1.9 million), as specific mall rents of €1.3 million contained in this item in the previous year are recognised under revenue from 2015 onward. Other operating expenses, conversely, rose from €6.2 million to a total of €8.0 million. This was linked in particular to a need to create provisions in connection with the acquisition of the Karstadt property in Dessau (€1.0  million) and higher personnel expense (€+0.4 million) arising from the long-term incentive plan that expired in 2015 (LTI 2010). Strong improvement in net finance costs, dominated by measurement effect Net finance costs at the reporting date were €-2.1 million (2014: €-39.8 million), influenced in particular by the high positive earnings from investees recognised at equity. Net finance costs improved sig- nificantly, up €33.2 million to €68.4 million (2014: €35.1 million) on the strength of much-increased measurement gains from property appre- ciation at the affected companies of €47.2 million (2014: €12.7 million). in € thousand 31.12.2015 31.12.2014 Difference Change in% Main-Taunus-Zentrum, Sulzbach 34,744 34,110 634 1.9 Altmarkt-Galerie, Dresden 25,320 25,190 130 0.5 A10 Center, Wildau 20,755 20,567 188 0.9 Rhein-Neckar-Zentrum, Viernheim 18,961 18,593 368 2.0 Herold-Center, Norderstedt 13,055 13,174 -119 -0.9 Billstedt-Center, Hamburg 11,287 11,457 -170 -1.5 Allee-Center, Hamm 10,401 10,388 13 0.1 City-Galerie, Wolfsburg 9,796 9,771 25 0.3 City-Arkaden, Wuppertal 9,376 9,617 -241 -2.5 Forum, Wetzlar 9,304 9,156 148 1.6 Rathaus-Center, Dessau 8,308 8,502 -194 -2.3 City-Point, Kassel 8,234 8,332 -98 -1.2 Stadt-Galerie, Hameln 7,043 7,082 -38 -0.5 DES Verwaltung GmbH* 1,291 0 1,291 Total domestic 187,875 185,939 1,936 1.0 Galeria Baltycka, Gdansk 14,843 14,639 204 1.4 Caspia 136 207 -71 -34.3 Total international 14,979 14,846 133 0.9 OVERALL TOTAL 202,854 200,785 2,069 1.0 Revenue * recognised in other operating income in previous year MANAGEMENT REPORT 120 Deutsche EuroShop AG Annual Report 2015 Main-Taunus-Zentrum, Sulzbach 34,74434,1106341.9 Altmarkt-Galerie, Dresden 25,32025,1901300.5 A10 Center, Wildau 20,75520,5671880.9 Rhein-Neckar-Zentrum, Viernheim 18,96118,5933682.0 Herold-Center, Norderstedt 13,05513,174 -119 -0.9 Billstedt-Center, Hamburg 11,28711,457 -170 -1.5 Allee-Center, Hamm 10,40110,388130.1 City-Galerie, Wolfsburg 9,7969,771250.3 City-Arkaden, Wuppertal 9,3769,617 -241 -2.5 Forum, Wetzlar 9,3049,1561481.6 Rathaus-Center, Dessau 8,3088,502 -194 -2.3 City-Point, Kassel 8,2348,332 -98 -1.2 Stadt-Galerie, Hameln 7,0437,082 -38 -0.5 DES Verwaltung GmbH* 1,29101,291 Total domestic 187,875185,9391,9361.0 Galeria Baltycka, Gdansk 14,84314,6392041.4 Caspia 136207 -71 -34.3 Total international 14,97914,8461330.9 OVERALL TOTAL 202,854200,7852,0691.0

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