28.10.2011

Trade tax influence on 2011 FFO lower

Nicolas Lissner Investor Relations Financials

In our Ad-hoc announcement on 23 August 2011 we expected the necessity to set aside a provision for trade tax risks in the 2011 financial year of around EUR 6.1 million for the 2011 financial year and the preceding years.

In the meantime we have discussed this issue with our auditors and now we have clarity how to handle the risk of a change in the tax treatment of Deutsche EuroShop: The provision for the years 2004-2010 will be formed as a correction for these past seven years against retained earnings as per 31 December 2010. Only the trade tax liability for 2011 will be included in the income statement for the current year.

As a consequence, the once estimated influence on our 2011 FFO (funds from operations) per share will be considerably lower.

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