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Deutsche EuroShop AG ANNUAL REPORT 2014Published by: Deutsche EuroShop AG, Hamburg Address: Heegbarg 36, 22391 Hamburg, Germany www.deutsche-euroshop.com Publication date: 29 April 2015 www.facebook.com/euroshop www.twitter.com/DES_AG www.shoppingcenter.agFeel Estate How will we shop tomorrow? The Internet is ubiquitous and just how significantly it changes our everyday lives is something we ex- perience first-hand on a daily basis. A quick look at our smartphones tells us whether or not our train is running on schedule, while scanning the QR code on a bottle of red wine helps us find out more about a vintner and lets us access coupons which we can then redeem at the check-out. We have been straddling these two worlds – both online and offline – for some time now. Our day-to-day communications and shop- ping activities are being shifted online… Complete article on page 8 > Contents Die Deutsche EuroShop Overview of key figures and bodies from page 2 > Shopping All about shopping, today and in the future from page 6 > The centers Overview of the portfolio, promotions, tenants and anniversaries from page 18 > Investor relations Information about shares, events and corporate governance from page 44 > Management report Report on the current situation of DES and outlook from page 57 > Consolidated financial statements Annual financial statements of DES from page 66 > Editorial This year’s annual report, published in newspaper format, is entitled “Feel Estate”. This refers to the interplay between real estate and emotions, which play a major role with shopping centers in particular. We observe this day in and day out at the 19 shop- ping centers in our portfolio. We want shop- ping in our centers to be an emotional experi- ence for our customers – at every single visit. You, too, are invited to experience this special feeling. “Feel Estate” not only provides you with the details of our very pleasing 2014 business year. We have also gathered a diverse mix of information on the topics of shopping and real estate which we hope you will enjoy. This annual report is quite special to me, as I am taking leave of you and Deutsche Euro- Shop after 14 years. My successor, Wilhelm Wellner, came on board in February and is working hard to familiarise himself with his new duties so that he can take the helm as of July. I am confident that the company is in good hands with him and the Deutsche EuroShop team. I hope you find the report enjoyable and informative and would like to thank you for your loyalty over the past years. I hope you will continue to support Deutsche EuroShop in future. Best regards Claus-Matthias Böge, CEO Dear Readers, Beacons: A guiding light for customers But now, beacon technology allows bricks-and-mortar shops to commu- nicate digitally with their customers – before they walk through the doors. As a customer passes the entrance to a shop- ping center, their smartphone vibrates in their pocket. The location function has rec- ognised where they are and has automatical- ly activated the mall app. A personal greet- ing appears on the screen: “Hello, Mr Smith, and welcome. The book you were recently looking for is back in stock. And why not drop into the men’s outfitter on the first floor? A 10% discount on all your purchas- es is waiting for you.” Mr Smith has seen the messages, but he is interested in some- thing else today. It’s his nephew’s birthday tomorrow. Where’s the toy shop? The mall app tells him: at the north end of the ground floor. The location of the shop appears as a blue dot on his smartphone, with a dotted line leading him directly to his destination. Few people look at the display boards at the information desk any more: indoor naviga- tion is the mall app’s most commonly used function. Complete article on page 6 > To date, smartphones have only been used in a retail context for e-commerce. The shopping center of the future:Technology gives the edge The shopping center of the future will be urban and will offer good links to public transportation. It will change constantly and will serve as a meeting point, a place of social interaction. It will be a destination for events, … Complete article on page 27 > The rolls conspiracy Inflation is officially lower than it’s been for years. For many, however, inflation is significantly higher. Katja Lüders is embarrassed at the counter. Every Sunday the lively Berliner jogs to her regular baker in Arkona-Kiez… Complete article on page 12 > Types of shoppers in 2015 The Shopping Center Share We want to promote the attractiveness of invest- ing in Deutsche EuroShop to the financial com- munity using open, timely and transparent investor relations based on continuity. Deutsche EuroShop shares began the 2014 trad- ing year at €31.83. At the end of January and begin- ning of February, the share lost some ground and fell to its lowest price of the year of €30.72 on 4 Febru- ary 2014. After this, the share price stabilised within a corridor between €31.00 and €33.00 and then rose out of this corridor in late March. On 12 June 2014, the DES share reached its high for the year of €37.84 based on the Xetra closing price, which also repre- sented a new all-time high. Complete article on page 44 > Further information Deutsche EuroShop is Germany’s only public company that invests solely in shopping centers in prime locations. You will find further information on www.feelestate.de