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DES GB2012 E

This means that the share in the revenue and costs of these companies will no longer be included in the consolidated financial statements in the future. Instead, only the share in the results of these shopping centers will be reported under net finance costs. This change not only concerns the five companies previously consolidated as joint ventures using the proportional method, but also Stadt-Galerie Pas- sau KG and Immobilien KG FEZ Harburg, which possess the basic characteristics of a joint venture yet, based on a voting agreement, could be fully included in the consolidated financial statements in the past. These voting agreements were terminated by mutual agree- ment as per the end of 2012. In 2012, these seven companies accounted for revenues of €54.2 mil- lion, EBIT of €48.7 million and earnings before taxes and measure- ment gains/losses of €29.3 million. If equity accounting were to have been applied in 2012, revenue would have been €157.1 million and EBIT €132.3 million. At €94.9 million, earnings before taxes and measurement gains/losses would have remained nearly unchanged. In the following, these figures will serve as the basis of forecasts for the next two financial years. REVENUE TO RISE BY 9% IN 2013 We anticipate an increase in revenue of around 9% to between €170 million and €173 million in the 2013 financial year. The revenue contribution of the Herold-Center, in particular, will have a positive impact. In the 2014 financial year, revenue should see another slight increase to between €175 million and €178 million. FURTHER GROWTH IN EARNINGS IN THE NEXT TWO YEARS Earnings before interest and taxes (EBIT) amounted to €132.3 mil- lion in 2012. According to our forecast, EBIT will amount to between €148 million and €151 million (+13%) in the current financial year. EBIT should increase further to between €152 million and €155 mil- lion in 2014 (+3%). Earnings before tax (EBT) excluding measurement gains/losses amounted to €94.9 million during the year under review. We expect the corresponding figure to be between €112 million and €115 mil- lion for the 2013 financial year (+19%) and between €117 and €120 million for the 2014 financial year (+4%). POSITIVE FFO TREND Funds from operations (FFO) amounted to €1.66 per share in the year under review. We expect this figure to be between €1.99 and €2.03 in 2013 (+21%) and between €2.03 and €2.07 for the 2014 financial year (+2%). DIVIDEND POLICY We intend to maintain our long-term dividend policy geared towards continuity. We therefore aim to distribute a dividend of at least €1.20 per share to our shareholders again in 2013 and 2014. Hamburg, 12 April 2013 *at-equity consolidation Revenue* in € millions 2012 2013 2014 Result 157.1 Target 170–173 Target 175–178 EBIT* in € millions 2012 2013 2014 Result 132.3 Target 148–151 Target 152–155 EBT in € millions 2012 2013 2014 Result 94.9 Target 112–115 Target 117–120 FFO per share in€ 2012 2013 2014 Result 1.66 Target 1.99–2.03 Target 2.03–2.07 GROUP MANAGEMENT REPORT { 138 } DES ANNUAL REPORT 2012 Outlook

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