• Letter from the Executive Board

  • Results of operations

  • Financial position and net assets / Report on events after the balance sheet date

  • Outlook / Risk report

  • Consolidated balance sheet

  • Consolidated income statement / Statement of comprehensive income / Consolidated cash flow statement

  • Statement of changes in equity / Segment reporting

  • Responsibility statement by the Executive Board / The shopping center shares

  • Financial Calendar 2017
3 M 1 7 Q U A R T E R LY S TAT E M E N T 3 M O F 31 M A R C H 2 0 17 Letter from the Executive Board DEAR SHAREHOLDERS, DEAR READERS, We have achieved significant positive results in terms of growth and financing In the first three months of the financial year 2017. Firstly, after an international tendering proce- dure and lengthy negotiations, we succeeded in securing the Olympia Center in Brno, Czech Republic, for our portfolio. And secondly, we were able to reduce the average interest rate on our loans portfolio by a significant amount from 3.7% to just under 3,0%. The Olympia Center in Brno, the sec- ond-largest city of the country, originally opened in 1999 and has since steadily been expanded. Following a reorganisation between 2014 and 2016, the shopping center now houses more than 200 specialist stores across 85,000 m2 of rental space. It also includes a cinema, an entertainment park, and more than 4,000 parking spaces, and thanks to its high-quality attractions and facilities for vis- itors, it is also one of the largest shopping centers in the country. Around 1.2 million people live in the catchment area, it is very well connected in terms of both road links and public transport and it is open seven days a week. Last year, more than eight million vis- itors came to the center. The Olympia Center has been contributing to our business result since April. For 2017, we expect rental income of €15.0 million and a net operating income (NOI) of €14.3 million. In the current environ- ment, we are achieving an attractive NOI yield of 5.1% from our 21st center. We financed the total investment volume of €382 million by means of a capital increase of €165 million, successfully carried out at the beginning of CONSOLIDATED KEY FIGURES in € million Revenue NOI EBIT EBT (excluding measurement gains / losses *) Consolidated profit EPRA ** earnings per share in € FFO per share (€) Earnings per share in € (undiluted) in € million Equity *** Net financial liabilities Total assets Equity ratio (%) *** Loan to value ratio (%) Cash and cash equivalents 01.01. – 31.03.2017 01.01. – 31.03.2016 50.7 45.8 44.3 35.3 27.5 0.60 0.62 0.50 50.7 46.0 44.6 32.7 24.9 0.55 0.58 0.46 31.03.2017 31.12.2016 2,435.1 2,199.4 4,634.5 52.5 35.2 156.3 2,240.7 1,873.8 4,114.5 54.5 34.2 64.0 Including the share attributable to equity-accounted joint ventures and associates ** ** European Public Real Estate Association *** incl. third-party interests in equity + / - 0.0% -0.3% -0.7% 7.8% 10.6% 9.1% 6.9% 8.7% + / - 8.7% 17.4% 12.6% March, and a loan taken on for the long-term and with a favourable interest rate. In terms of the operational business, sales remained stable year-on-year at €50.7 million. Net operating income (NOI) fell slightly by 0.3% to €45.8 million, while earnings before interest and taxes (EBIT) were 0.7% lower than the pre- vious year, at €44.3 million. Consolidated profit rose from €24.9 million in the same quarter of the previous year to €27.5 million. Important factors affecting this figure were the lower interest expenses and the Saarpark Center, which has been contributing to the at-equity profit since October 2016. We earned €0.50 per share versus €0.46 in the previous-year period. EPRA earnings per share, which do not include measurement effects, rose by around 9% from €0.55 per share to €0.60. Funds from operations (FFO) improved by almost 7%, from €0.58 to €0.62 per share. Thus, the results were all in line with our planned budget. We anticipate being able to pay you a divi- dend of €1.45 per share for the current finan- cial year, which is five cents higher than the previous year. We thank you for the trust you have placed in us. Hamburg, May 2017 > 100.0% Wilhelm Wellner Olaf Borkers DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 1
RESULTS OF OPERATIONS Results of operations in € thousand Revenue Operating and administrative costs for property NOI Other operating income Other operating expenses EBIT At-equity profit / loss Measurement gains / losses (at-equity) Deferred taxes (at-equity) At-equity (operating) profit / loss Interest expense Profit / loss attributable to limited partners Other finance costs Net finance costs (excl. measurement gains / losses) EBT (excl. measurement gains / losses) Measurement gains / losses Measurement gains / losses (at-equity) Measurement gains / losses (including at-equity profit / loss) Income taxes Deferred taxes Deferred taxes (at-equity) Deferred taxes (at-equity) CONSOLIDATED PROFIT 01.01. – 31.03.2017 01.01. – 31.03.2016 Change + / - Change in % 50,727 -4,881 45,846 301 -1,892 44,255 7,645 -12,753 -4,655 777 -8,986 35,269 -747 -1,053 -5,962 27,507 7,574 11 60 -736 -11 -5,902 -60 50,737 -4,764 45,973 168 -1,556 44,585 5,850 -13,744 -4,388 407 -11,875 32,710 -1,733 -1,398 -4,713 24,866 5,473 377 0 -1,356 -377 -4,713 0 -10 -117 -127 133 -336 -330 1,795 991 -267 370 2,889 2,559 986 345 -1,249 2,641 0.0% -2.5% -0.3% 79.2% -21.6% -0.7% 30.7% 7.2% -6.1% 90.9% 24.3% 7.8% 56.9% 24.7% -26.5% 10.6% Revenue at the previous-year level The revenue of €50.7 million in the reporting period was at the level of the previous year and in line with the expectations of management. Operating and administrative costs for property: 9.6% of revenue Center operating costs in the reporting period at €4.9 million were almost the same as in the same period of the previous year (€4.8 mil- lion), and were in line with the budgeted 9.6% of revenue. Other operating expenses increased slightly Other operating expenses at €1.9 million were €0.3 million higher than in the same period of the previous year (€1.6 million), mainly due to one-off ancillary acquisition costs in connec- tion with the acquisition of Olympia Brno s.r.o., Prague (Czech Republic). EBIT slightly below the previous-year level Earnings before interest and taxes (EBIT) at €44.3 million were slightly below the figure for the previous year (€44.6 million), due to the higher amount of other operating expenses. Net finance costs excluding measurement effects significantly higher Net finance costs (excluding measurement gains / losses) grew by €2.9 million from €-11.9 million to €-9.0 million. In particular, the loan repayments and the short-term interest rate agreement on one loan until the conclu- sion of a refinancing deal led to a €1.0 million reduction in interest expenses. At-equity profit, as part of the financial result, was €1.8 million higher. This was attributable in particular to the acquisition of the Saarpark Center in Neunkirchen on 1 October 2016, which contributed €1.4 million in the first quarter of 2017, as well as to a €0.5 million reduction in interest expenses as a result of more favourable refinancing of our equity- accounted companies. Other net finance costs, which consisted mainly of a measurement gain on an inter- est rate swap for the financing of the Altmarkt-Galerie Dresden, benefited from the interest rate trend compared with the same period of the previous year and contributed €0.4 million to net finance costs. DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 2
EBT excluding measurement Modest increase in taxes on gains / losses up 7.8% EBT (excl. measurement gains / losses) rose from €32.7 million to €35.3 million (+7.8%) due to the improved financial result. Measurement gains / losses influenced by investments The measurement loss of €-0.7 million (pre- vious year: €-1.7 million) includes investment costs incurred by our portfolio properties (including the at-equity portion). income and earnings Taxes on income and earnings came to €7.0 mil- lion (previous year: €6.1 million). Of this, €1.1 million (previous year: €1.4 million) was attributable to taxes to be paid and €5.9 million to deferred taxes (previous year: €4.7 million). Consolidated profit and earnings up At €27.5 million, consolidated profit was up by €2.6 million compared with the previous year (€24.9 million). Thus, basic earnings per share increased from €0.46 to €0.50 (+8.7%). EPRA earnings per share rose by 9.1% from €0.55 1 to €0.60. Positive development of funds from operations (FFO) Funds from operations (FFO) are used to finance our ongoing investments in portfolio properties, scheduled repayments on our long-term bank loans and the distribution of dividends. FFO rose from €31.6 million to €34.5 million, or from €0.58 to €0.62 per share (+6.9%). 1 In the quarterly report of 31 March 2016, EPRA earnings stood at €0.49 per share. In contrast to the previous year, deferred taxes attributable to the change in the tax balance sheet were also included in 2017. In addition, measurement gains/losses from derivative financial instruments were taken into account. The determination of the previous year’s figure was adjusted accordingly. Further details on the EPRA key figures are provided in the “EPRA report” within the 2016 Annual Report. EPRA Earnings Consolidated profit Measurement gains / losses investment properties * Measurement gains / losses derivative financial instruments * Acquisition costs Deferred taxes related to EPRA adjustments *, ** EPRA EARNINGS Expense for convertible bond EPRA EARNINGS (DILUTED) Weighted number of no-par value shares issued Weighted number of no-par value shares issued (diluted) *** 01.01. – 31.03.2017 in € thousand 01.01. – 31.03.2017 per share in € 01.01. – 31.03.2016 in € thousand 01.01. – 31.03.2016 per share in € 27,507 747 -910 319 5,454 33,117 538 33,655 0.50 0.01 -0.02 0.01 0.10 0.60 0.58 55,085,176 58,351,015 24,866 1,733 -394 0 3,914 30,119 538 30,657 0.46 0.03 -0.01 0.00 0.07 0.55 0.54 53,945,536 57,105,094 Including the share attributable to equity-accounted joint ventures and associates * ** These concern deferred taxes on investment properties and derivative financial instruments *** Assuming that the convertible bond would have been converted at the start of the relevant reporting period. Funds from Operations Consolidated profit Bond conversion expense Measurement gains / losses investment properties * Deferred Taxes * FFO PER SHARE FFO PER SHARE (AFTER CONVERSION) ** Weighted number of no-par value shares issued Weighted number of no-par value shares issued (after conversion) ** 01.01. – 31.03.2017 in € thousand 01.01. – 31.03.2017 per share in € 01.01. – 31.03.2016 in € thousand 01.01. – 31.03.2016 per share in € 27,507 242 747 5,962 34,458 34,458 0.50 0.00 0.01 0.11 0.62 0.59 55,085,176 57,975,280 24,866 242 1,733 4,713 31,554 0.46 0.00 0.03 0.09 0.58 53,945,536 Including the share attributable to equity-accounted joint ventures and associates * ** Under the assumption that the convertible bond has been fully converted at the end of its term in November 2017. DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 3
REVENUE in € million EBIT in € million EBT * in € million FFO PER SHARE in € million 50.7 50.7 44.6 44.3 0.58 0.62 0.59 * 32.7 35.3 3M 2016 3M 2017 3M 2016 3M 2017 3M 2016 3M 2017 3M 2016 3M 2017 * excluding measurement gains / losses * Under the assumption that the convertible bond has been fully converted at the end of its term in November 2017. FINANCIAL POSITION AND NET ASSETS Acquisition of the Olympia Center in Brno In March 2017, the Deutsche EuroShop Group acquired all the shares of Olympia Brno s.r.o., Prague (Czech Republic). Olympia Brno is the owner of the Olympia shopping center located in Brno, Czech Republic. The transfer of ben- efits and encumbrances took place on 31 March 2017 upon payment of the provisional purchase price to the seller. The definitive pur- chase price will be determined on the basis of the interim financial statements of Olympia Brno as at 31 March 2017; it was not yet pro- vided at the time of publishing this quarterly statement. There are no indications of any material differences between the provisional and definitive purchase price. The investment was financed through equity from a capital increase and long-term loans. Net assets and liquidity The initial consolidation of Olympia Brno based on the provisional purchase price allo- cation led to an increase in the total assets of the Deutsche EuroShop Group by €441.6 mil- lion, and is mainly attributable to Invest- ment Properties (€+374.0 million). Goodwill of €53.2 million was also created, offset by deferred tax liabilities of €54.1 million that were created as a result of the acquisition and not recognised in income because it is planned to hold them in the long term. The further rise in total assets is mainly attrib- utable to the increase in cash and cash equiva- lents to €156.3 million (previous year: €64.0 mil- lion) as at the reporting date. In addition to the acquired cash and cash equivalents of Olympia Brno (€9.6 million) and the positive operating cash flow in the first quarter of 2017, the rise is due to the raising of a new long-term loan on a previously unencumbered shopping center in the amount of €130 million. This loan replaces the credit line of €80 million used for the acqui- sition of Olympia Brno and Saarpark-Center Neunkirchen; a portion of this, €55 million, was only repaid at the beginning of April. The fur- ther increase in financial liabilities was due to the Group taking over Olympia Brno’s existing external financing of €166.8 million. Equity ratio of 52.5% In order to finance the equity required for the acquisition of Olympia Brno, a cash capital increase was carried out in March by utilizing some of the authorised capital. The Deutsche EuroShop Group obtained €165 million (before deduction of transaction costs of €1.4 million) from the capital increase. The equity ratio (including the shares of third- party shareholders) was 52.5%, slightly down compared to the last reporting date (54.5%). Liabilities The current and non-current financial liabil- ities of €1,709.4 million were €263.8 million higher than the level at the end of 2016, due to the initial consolidation of Olympia Brno and the raising of a long-term loan on 31 March 2017. Non-current deferred tax liabilities increased by €60.1 million to €419.5 million due to the acquisition of Olympia Brno and additional provisions. REPORT ON EVENTS AFTER THE BALANCE SHEET DATE No further significant events occurred between the balance sheet date of 31 March 2017 and the date of preparation of the finan- cial statements. DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 4
OUTLOOK RISK REPORT Expected results of operations and financial position Taking into account the Olympia Center in Brno, our forecasts for the financial year 2017 are: Dividend policy We intend to maintain our long-term, reliable dividend policy and anticipate that we will be able to pay a dividend of €1.45 per share to our shareholders for 2017. There have been no significant changes since the beginning of the financial year with regard to the risks associated with future business development. We do not believe that the Company currently faces any risks capable of jeopardising its continued existence. The information provided in the risk report of the consolidated financial statements as at 31 December 2016 is therefore still applica- ble (2016 Annual Report, pg. R16 ff.). • revenue of between €216 million and €220 million • earnings before interest and taxes (EBIT) of between €187 million and €191 million • earnings before taxes (EBT) excluding measurement gains / losses of between €145 million and €148 million • Funds from operations (FFO) of between 2 €140 million and €143 million or from €2.42 to €2.46 per share 2 The calculation of the FFO per share in 2017 is based on an average time-weighted number of shares of 58.0 million, and the assumption that the convertible bond will be fully converted at the end of its term in November 2017. For finan- cial year 2018, the average time-weighted number of shares assuming full conversion will increase to €61.8 million. REVENUE in € million EBIT in € million EBT * in € million FFO Result in € million 129.9 Goal 143 Goal 148 140 145 Goal 220 – 224 Goal 216 – 220 Goal 193 – 197 Goal 187 – 191 Result 205.1 Result 178.6 Result 134.5 Goal 154 – 157 per share in € 2.42 – 2.46 Goal 145 – 148 2.41 2.35 – 2.39 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 Number of shares in million 53.9 58.0 ** 61.8 ** * excluding measurement gains / losses ** after conversion of the convertible bond, time-weighted at the balance sheet date DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 5
CONSOLIDATED BALANCE SHEET Assets in € thousand ASSETS Non-current assets Intangible assets Property, plant and equipment Liabilities 31.03.2017 31.12.2016 in € thousand 31.03.2017 31.12.2016 EQUITY AND LIABILITIES Equity and reserves 53,275 234 29 267 Issued capital Capital reserves 58,405 1,121,553 929,664 53,945 961,970 900,233 Investment properties 3,895,497 3,520,824 Retained earnings Investments accounted for using the equity method Other financial assets Non-current assets Current assets Trade receivables Other current assets Cash and cash equivalents Current assets 517,218 515,361 52 52 Total equity 2,109,622 1,916,148 4,466,276 4,036,533 3,127 8,738 156,314 168,179 6,601 7,277 64,046 77,924 Non-current liabilities Financial liabilities Deferred tax liabilities Right to redeem of limited partners Other liabilities 1,456,885 1,242,754 419,457 325,474 46,521 359,365 324,559 49,083 Non-current liabilities 2,248,337 1,975,761 Current liabilities Financial liabilities Trade payables Tax liabilities Other provisions Other liabilities Current liabilities 252,516 202,827 3,454 1,173 6,103 13,250 276,496 1,394 649 6,644 11,034 222,548 TOTAL ASSETS 4,634,455 4,114,457 TOTAL EQUITY AND LIABILITIES 4,634,455 4,114,457 DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 6
CONSOLIDATED INCOME STATEMENT CONSOLIDATED CASH FLOW STATEMENT in € thousand Revenue Property operating costs Property management costs Net operating income (NOI) Other operating income Other operating expenses Earnings before interest and taxes (EBIT) Share of the profit or loss of associated companies and joint ventures using the equity method Interest expense Profit / loss attributable to limited partners Other financial income and expenditure Interest income Net finance costs Measurement gains / losses Earnings before tax (EBT) Income taxes CONSOLIDATED PROFIT Earnings per share (€), basic Earnings per share (€), diluted 01.01. – 31.03.2017 01.01. – 31.03.2016 in € thousand 50,737 Consolidated profit 50,727 -2,348 -2,533 45,846 301 -1,892 -2,235 -2,529 45,973 168 -1,556 Income taxes Net finance costs Depreciation of intangible assets and property, plant and equipment Unrealised changes in fair value of investment property Distributions and capital repayments received 44,255 44,585 7,574 -12,753 -4,655 760 17 -9,057 -736 34,462 -6,955 27,507 0.50 0.48 5,473 -13,744 Changes in trade receivables and other assets Changes in current provisions Changes in liabilities -4,388 Cash flow from operating activities 394 13 Interest paid Interest received -12,252 Income taxes paid -1,356 30,977 -6,111 24,866 0.46 0.45 Net cash flow from operating activities Outflows for the acquisition of investment properties Inflows from disposal of intangible assets and property, plant and equipment Outflows for the acquisition of intangible assets and property, plants and equipment 01.01. – 31.03.2017 01.01. – 31.03.2016 * 27,507 6,955 9,057 24,866 6,111 12,252 15 20 736 1,356 5,717 4,677 2,372 -541 -1,894 49,924 3,766 -405 -3,058 49,585 -11,888 -12,879 17 -1,003 37,050 13 -1,428 35,291 -1,426 -1,728 27 -9 0 -5 0 2,820 -199,408 -200,816 130,000 -33,830 -3,723 163,587 0 256,034 92,268 0 1,087 0 -5,362 -3,775 0 0 -9,137 27,241 Inflows from the disposal of financial assets Acquisition of subsidiary (net of cash acquired) Cash flow from investing activities Inflows from financial liabilities Outflows from the repayment of financial liabilities Payments to limited partners Inflow from capital increase Payments to group shareholders Cash flow from financing activities STATEMENT OF COMPREHENSIVE INCOME 01.01. – 31.03.2017 01.01. – 31.03.2016 27,507 24,866 in € thousand Consolidated profit Items which under certain conditions in the future will be reclassified into the income statement: Actual share of the profits and losses from instruments used to hedge cash flows Deferred taxes on changes in value offset directly against equity Total earnings recognised directly in equity TOTAL PROFIT Share of Group shareholders 2,459 -4,798 Net change in cash and cash equivalents -535 1,055 1,924 29,431 29,431 -3,743 21,123 Cash and cash equivalents at beginning of period CASH AND CASH EQUIVALENTS AT END OF PERIOD 64,046 70,699 156,314 97,940 21,123 * In order to improve the presentation of the financial position, the cash flow statement has been revised and the statement from the previous year adjusted in line with the new recognition standards. In so doing, there were no changes in the cash flows from oper- ating activities, investment and finance activities in the previous year. Essentially, the adjustments involved the disclosures previously made in the Annex in relation to inter- est and tax payments being transferred to the cash flow statement, the separate recog- nition of dividends and cash payments received and the unnetted recognition of inflows and outflows from financial liabilities DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 7
STATEMENT OF CHANGES IN EQUITY in € thousand 01.01.2016 Total profit Dividend payments 31.03.2016 01.01.2017 Total profit Capital increase Dividend payments Number of shares outstanding Share capital Capital reserves Other retained earnings Statutory reserve Available for sale reserve Cash flow hedge reserve Total 53,945,536 53,945 961,970 783,178 2,000 -15 -33,219 1,767,859 0 0 0 0 24,866 0 0 0 53,945,536 53,945 961,970 808,044 2,000 53,945,536 53,945 961,970 932,109 2,000 0 0 27,507 4,459,460 4,460 159,583 0 0 0 0 0 0 0 0 0 -15 -22 0 0 0 -3,743 21,123 0 0 -36,962 1,788,982 -33,854 1,916,148 1,924 0 0 29,431 164,043 0 31.03.2017 58,404,996 58,405 1,121,553 959,616 2,000 -22 -31,930 2,109,622 Similarly, for subsidiaries in which the Group is not the sole partner the income, expendi- ture, assets and liabilities are no longer con- solidated in their entirety but only proportion- ately according to the corresponding Group share. This results in the segments being divided as followed: The adjustment of the proportionate consoli- dation of the joint ventures and subsidiaries in which the Group does not own a 100% stake is done in the reconciliation column. Further, this still includes the elimination of the intra-Group activities between the segments. In view of the geographical segmentation, no further information pursuant to IFRS 8.33 is given. BREAKDOWN BY GEOGRAPHICAL SEGMENT in € thousand Revenue (01.01. – 31.03.2016) EBIT (01.01. – 31.03.2016) EBT excl. measurement gains / losses (01.01. – 31.03.2016) Domestic 48,996 (47,399) 43,613 (42,361) Interna- tional 5,285 (5,191) 4,732 (4,688) Reconcilia- tion 01.01. – 31.03.2017 Total 54,281 (52,590) 48,345 (47,049) -3,554 (-1,853) -4,090 (-2,464) 50,727 (50,737) 44,255 (44,585) 32,130 (30,176) 4,258 (3,146) 36,388 (33,322) -1,119 (-612) 35,269 (32,710) Segment assets (31.12.2016) 3,417,786 (3,417,174) 798,018 (357,083) 4,215,804 (3,774,257) 418,651 (340,200) of which investment properties (31.12.2016) 3,382,333 (3,382,151) 718,831 (344,330) 4,101,164 (3,726,481) -205,667 (-205,657) 31.03.2017 4,634,455 (4,114,457) 3,895,497 (3,520,824) SEGMENT REPORTING Segment reporting by Deutsche EuroShop AG is carried out on the basis of internal reports that are used by the Executive Board to manage the Group. Internal reports distin- guish between shopping centers in Germany (“domestic”) and other European countries (“abroad”). As the Group’s main decision-making body, the Deutsche EuroShop AG Executive Board first and foremost assesses the performance of the segments based on revenue, EBIT and EBT excluding measurement gains / losses. The measurement principles for the segment reporting correspond to those of the Group. The internal reporting procedure was further developed at the start of the financial year 2017 with a view to obtaining an even better picture of each segment’s contribution to the individual performance indicators and to the Group result. In contrast to the previous pro- cedure, the income, expenditure, assets and liabilities of the joint ventures will in future be consolidated proportionately with their Group share in the internal reports. Previously, these were recorded using the at-equity method, as IFRS 11 also stipulates for the external reports. DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 8
RESPONSIBILITY STATEMENT BY THE EXECUTIVE BOARD To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim con- solidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remainder of the financial year. Hamburg, 11 May 2017 Wilhelm Wellner Olaf Borkers THE SHOPPING CENTER SHARES Key share data Following a year-end closing price for 2016 of €38.67, Deutsche EuroShop shares started the new year in what was at first a very sta- ble market environment overall without any lasting directional trend. On 22 February 2017, the share price reached €39.24, its high for the first three months of the year. Standing at €37.54, the share price came down to its lowest level for the period on 28 March 2017, recovering a little by the end of the reporting period at €38.33. which is equivalent to a performance of -0.9%. The MDAX rose by 7.7% over the same period. Deutsche EuroShop’s market capitalisation stood at €2.23 billion at the end of the first quarter of 2017. Deutsche EuroShop vs. MDAX and EPRA Comparison, January to May 2017 (indexed, base of 100, in %) Deutsche EuroShop MDAX EPRA 115 110 105 100 95 Jan Feb. Mar. Apr. May Sector / industry group Financial Services / Real Estate Share capital as at 31.03.2017 Number of shares as at 31.03.2017 (no-par-value registered shares) Dividend for 2016 (proposed) Share price on 30.12.2016 Share price on 31.03.2017 €58,404,996.00 58,404,996 €1.40 €38.67 €38.33 Low / high for the period under review €37,54 / €39,24 Market capitalisation on 31.03.2017 €2.23 billion Prime Standard OTC markets Indices ISIN Ticker Frankfurt and Xetra Berlin-Bremen, Düsseldorf, Hamburg, Hannover, München, and Stuttgart MDAX, EPRA, GPR 250, EPIX 30, MSCI Small Cap, EURO STOXX, STOXX Europe 600, HASPAX, F.A.Z.-Index DE 000748 020 4 DEQ, Reuters: DEQGn.DE DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 9
FINANCIAL CALENDAR 2017 11.05. 19.05. 19.05. 01.06. Quarterly Statement 3M 2017 equinet ESN Conference, Frankfurt Warburg Highlights, Hamburg Kepler Cheuvreux German Property Day, Paris Kempen & Co European Property Seminar, Amsterdam Roadshow London, Green Street Advisors Roadshow Edinburgh, JP Morgan Cazenove Roadshow Warsaw, Berenberg Deutsche Bank dbAccess Conference, Berlin Supervisory Board meeting, Hamburg Annual General Meeting, Hamburg Roadshow Helsinki, M.M. Warburg Half-year Financial Report 2017 DES Real Estate Summer 07.06. 15.06. 16.06. 19.06. 22.06. 28.06. 28.06. 04.07. 15.08. 04. – 05.09. 12. – 13.09. BoA Merrill Lynch Global RE Conference, New York Goldman Sachs & Berenberg German Conference, 18.09. Munich 19.09. 28.09. 29.09. Baader Investment Conference, Munich Supervisory Board meeting, Hamburg Societe Generale Pan European Real Estate Conference, London 04. – 06.10. Expo Real, Munich 15.11. 16.11. 17.11. 17.11. 21.11. 29.11. 05.12. 11. – 12.12. HSBC Global Real Estate Conference, Cape Town Quarterly Statement 9M 2017 Natixis European Mid Caps Conference, Paris Roadshow Amsterdam, Societe Generale Roadshow Brussels, Kempen & Co DZ Bank Equity Conference, Frankfurt Supervisory Board meeting, Hamburg Berenberg European Conference, Pennyhill Our financial calendar is updated continuously. Please check our website for the latest events: www.deutsche-euroshop.com / ir WOULD YOU LIKE ADDITIONAL INFORMATION? Then visit us online or call us: Patrick Kiss and Nicolas Lissner Phone: +49 (0)40 - 41 35 79 20 / -22 Fax: +49 (0)40 - 41 35 79 29 www.deutsche-euroshop.com / ir E-Mail: ir@deutsche-euroshop.de Forward-looking statements This quarterly statement contains forward-looking statements based on estimates of future developments by the Executive Board. The state- ments and forecasts represent estimates based on all of the informa- tion available at the current time. If the assumptions on which these statements and forecasts are based do not materialise, the actual re- sults may differ from those currently being forecast. Rounding and rates of change Percentages and figures stated in this report may be subject to round- ing differences. The rates of change are based on economic consid- erations: improvements are indicated by a plus (+); deterioration by a minus (–). DEUTSCHE EUROSHOP AG QUARTERLY STATEMENT 3M 2017 10