DES GB2015 Englisch

Forecasts about the future revenue and earnings situation of our Group are based on the following factors: a) the development of revenue and earnings in the existing shopping centers b) the assumption that there will be no substantial reduction in revenue in the retail sector that would cause a large number of retailers to no longer be able to meet their obligations under existing leases. CONSTANT REVENUE EXPECTED In light of the very low inflation, we expect 2016 rental revenue to come in between €200 million and €204 million. We anticipate a small (+0.25%) rise in rents in 2017, translating into revenue of €201 million to €205 million. STABLE TO SLIGHTLY HIGHER RESULTS IN 2016 AND 2017 Earnings before interest and taxes (EBIT) were €176.3 million in 2015. Our forecast is that EBIT, both this year and in 2017, will, much as it did last year, move in a range between €175 million and €179 million. Earnings before tax (EBT) excluding measurement gains/losses came to €127.0 million in the year under review.We expect to achieve a figure of between €127 million and €130 million in 2016 (+1.2%) and €131 to €134 million in 2017 (+3.1%). FFO to increase slightly out to 2017 Funds from operations (FFO) amounted to €2.29 per share in the year under review. We expect this figure to be in line with the year-earlier level in 2016, at between €2.26 and €2.30, and to increase to between €2.34 and €2.38 in 2017 (+3.5%). The FFO calculation is performed on an undiluted basis, assuming 53.9 million shares. Dividend policy We intend to maintain our long-term, reliable dividend policy and anticipate that we will be able to pay a dividend of €1.40 per share to our shareholders for financial year 2016. FFO per share in € 2015 2017 2016 Goal 2.26–2.30 Goal 2.34-2.38 Goal 2.24–2.28 Result 2.29 EBT in € millions Goal 127–130 Goal 131–134 Goal 126–129 Result 127.0 2015 2017 2016 Revenue in € millions 2015 2017 2016 Goal 200–204 Goal 201–205 Goal 201–204 Result 202.9 EBIT in € millions Goal 175–179 Goal 175–179 Goal 177–180 2015 2017 2016 Result 176.3 Stadt-Galerie, Passau MANAGEMENT REPORT 128 Deutsche EuroShop AG Annual Report 2015 20152017 20152017 20152017 20152017

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