DES GB2012 E

Auditor’s report Auditor’s report We have audited the consolidated financial statements, comprising the balance sheet, statement of compre- hensive income, income statement, statement of changes in equity, cash flow statement and the notes, as well as the group management report prepared by Deutsche EuroShop AG, Hamburg, for the financial year from 1 January 2012 to 31 December 2012. The preparation of the consolidated financial statements and the group management report in accordance with IFRS as adopted by the EU and the supplementary provisions of German commercial law required to be applied under section 315a (1) of the Handelsgesetzbuch (HGB – Ger- man Commercial Code) is the responsibility of the Company’s management. Our responsibility is to express an opinion on the consolidated financial statements and the group management report based on our audit. We conducted our audit of the consolidated financial statements in accordance with section 317 of the HGB and German generally accepted standards for the auditing of financial statements promulgated by the Insti- tut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that mis- statements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting standards and in the group management report are detected with reasonable assurance. Knowledge of the business activi- ties and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on the basis of spot checks within the framework of the audit. The audit includes assessing the accounting information of the areas of the company included in the consolidated financial statements, the determination of the companies to be included in the consolidated financial statements, the accounting and consolidation principles used, and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and the group management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRS as adopted by the EU and the supplementary provisions of German commercial law required to be applied under section 315a (1) of the HGB and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The group management report is consistent with the consolidated financial statements, provides a true overall view of the Group’s position and suitably presents the opportunities and risks of future development. Hamburg, 12 April 2013 BDO AG Wirtschaftsprüfungsgesellschaft signed Dyckerhoff signed Dr. Probst Auditor Auditor CONSOLIDATED FINANCIAL STATEMENTS { 182 } DES ANNUAL REPORT 2012

DES GB2012 E

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