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DES H1 e

INTERIM REPORT FOR THE FIRST HALF OF 2012 H1 We paid a dividend of € 56.8 million to our shareholders in June for the 2011 financial year. Following a successful first six months, we are stand- ing by our forecast which we increased in May and are confident that we will also be able to pay out a stable dividend of € 1.10 per share for 2012. Hamburg, August 2012       Claus-Matthias Böge Olaf Borkers LETTER FROM THE EXECUTIVE BOARD       DEAR SHAREHOLDERS, DEAR READERS,   The first half of 2012 went completely according to plan for Deutsche EuroShop. The center expansions that opened in 2011 in Dresden (Alt- markt-Galerie), Wildau (A10 Center) and Sulzbach (Main-Taunus- Zentrum) as well as the shopping center in Magdeburg (Allee-Center), a new addition to the portfolio, contributed to a considerable increase in revenue of around 15% from the same period the previous year. In the first six months, we generated revenue of € 104.5 million com- pared to the previous year’s figure of € 91.1 million. Net operating income (NOI) climbed by 15% to € 93.6 million while earnings before interest and tax (EBIT), at € 91.2 million, were 16% higher than the figure in the same period last year (€ 78.4 million). Consolidated profit experienced an increase year-on-year of just around 20% to € 47.2 million. This pushed earnings per share up to € 0.63; and EPRA earnings per share adjusted for valuation effects were higher by 22% at € 0.66. Funds from operations (FFO) also improved by 22% from € 0.74 to € 0.90 per share. The considerable increases are mainly attributable to the center expan- sions and the new addition to the portfolio mentioned above. Moreover, the refinancing of several existing loans at better terms had a positive impact during the reporting period. The transaction market for shopping centers was more turbulent in the second half of the year than it had been at the start of the year. We were ultimately not able to take advan- tage of two larger investment opportuni- ties in Germany and abroad due to our required returns. We do not currently expect to be able to announce a new center acquisition in the near future. KEY GROUP DATA in € million 01.01. –  30.06.2012 01.01. – 30.06.2011 + / - Revenue 104.5 91.1 15% EBIT 91.2 78.4 16% Net finance costs -42.1 -38.8 -9% Measurement gains / losses -1.9 -0.8 EBT 47.2 38.8 22% Consolidated profit 32.6 27.2 20% FFO per share (€) 0.90 0.74 22% EPRA Earnings per share (€) 0.66 0.54 22% 30.06.2012 30.06.2011 + / - Equity* 1,434.6 1,473.1 -3% Liabilities 1,809.3 1,752.0 3% Total assets 3,243.9 3,225.1 1% Equity ratio (%)* 44.2 45.7 LTV-ratio (%) 48 47 Gearing (%)* 126 119 Cash and cash equivalents 91.5 64.4 42% * European Public Real Estate Association ** incl. non controlling interests Shimmering blazer, ESPRIT Weekender bag with print, Marc Cain Skinny jeans, C&A