DES GB2015 Englisch

Another significant change in tax position Taxes on income and earnings came to €85.4 million, compared with €37.2 million in the previous year. Deferred tax provisions were in- creased in the year on account of the large gains in value of €80.9 mil- lion (2014: €39.0 million). Income tax expenditure amounted to €4.6 mil- lion (2014: €5.4 million), €3.6 million of this was attributable to domestic taxes and €1.0 million to foreign taxes. Significant increase in consolidated profit Earnings before interest and taxes (EBIT) decreased marginally during the year under review, standing at €176.3 million, the figure for 2014 having been €177.5 million. At €394.7 million, earnings before taxes (EBT) were up a substantial €180.0 million versus the previous year (€214.7 million), thanks to the high contribution from the valuation of properties. Consolidated profit jumped to €309.3 million, exceeding the previous year’s figure of €177.4 million by 74%. EBIT in€ million 2015 2014 177.5 176.3 Strong measurement gains drive earnings per share Earnings per share (consolidated net profit per share) came to €5.73 in the reporting year, compared with €3.29 in the previous year (+74.2%). Of this amount, €1.89 (2014: €1.84) was attributable to operations and €3.84 (2014: €1.32) to measurement gains. Earnings per share for the previous year had been impacted by one-off tax income in the amount of €0.13 per share. in€ per share 2015 2014 Consolidated net profit 5.73 3.29 Valuation in accordance with IAS 40 -4.09 -1.42 Valuation gains/losses for equity-accounted companies -0.87 -0.24 Deferred taxes 1.12 0.34 Tax income from past years 0.00 -0.13 EPRA* earnings 1.89 1.84 Weighted no. of shares in thousands 53,946 53,946 * European Public Real Estate Association 0 1 2 3 4 5 6 Earnings per share in€, undiluted 5.73 3.84 1.89 2015 2012 2013 2014 2011 3.29 3.17 2.36 1.92 0.13 1.32 0.87 0.27 0.29 0.05 0.73 1.84 1.74 1.36 1.19 0.95 Valuation gains/losses Operating profit Extraordinary revenue Extraordinary tax effect MANAGEMENT REPORT 122 Deutsche EuroShop AG Annual Report 2015 Consolidated net profit 5.733.29 Deferred taxes 1.120.34 EPRA* earnings 1.891.84 in thousands 53,94653,946 201220132014

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