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DES GB2012 E

NET ASSET VALUE IN ACCORDANCE WITH EPRA FURTHER INCREASED Net asset value as of 31 December 2012 amounted to € 1,538.9 mil- lion or €28.53 per share, compared with €1,427.3 million or €27.64 per share in the previous year. Thus, the net asset value has risen by €111.6 million or 3.2% per share over the previous year. 31.12.2012 31.12.2011 Equity 1,321,914 1,193,041 Deferred taxes 180,525 210,586 Negative swap values 49,496 35,028 Resulting deferred taxes -13,057 -11,367 EPRA NAV 1,538,878 1,427,289 28.53€ 27.64€ EPRA also recommends that an EPRA NNNAV (triple NAV) be calcu- lated, which should roughly correspond to the liquidation value of the company.This adjusts the EPRA NAV to take account of hidden liabil- ities or reserves resulting from the market valuation of bank loans and overdrafts, as well as deferred tax liabilities. As of 31 December 2012, the EPRA NNNAV amounted to €1,250.3 million, compared with €1,154.2 million in the previous year. This resulted in an EPRA NNNAV per share of €23.18, compared with €22.36 in the previous year, representing an increase of 3.7%. € thousand EPRA NAV per share Net asset value per share in€ 2008 2009 2010 2011 2012 28.53* 27.64* 26.36*26.63 27.43 *EPRA NAV 31.12.2012 31.12.2011 EPRA NAV 1,538,878 1,427,289 Negative swap values -49,496 -35,028 Negative present value of bank loans and overdrafts -89,522 -55,685 Total deferred taxes -149,607 -182,349 EPRA NNNAV 1,250,253 1,154,226 23.18€ 22.36€ OVERALL COMMENT BY THE EXECUTIVE BOARD ON THE ECONOMIC SITUATION The past financial year has confirmed the Deutsche EuroShop Group’s good position. We have again managed to meet our original expectations. Environment Climate protection is one of the most important issues for Deutsche EuroShop. We firmly believe that sustainability and profitability as well as shopping experience and environmental awareness are not mutu- ally exclusive. Long-term thinking is part of our strategy, including a commitment to environmental protection. In 2012, all our German shopping centers had contracts with suppli- ers who use regenerative energy sources such as hydroelectric power for their electricity needs. The “EnergieVision” organisation certified the green electricity for our centers in Germany with the renowned “ok-power” accreditation in 2012. Within the next few years, we are also planning to switch the centers in other countries to green electricity. The German centers used a total of around 69.2 million kWh of green electricity in 2012. This represented 100% of the electricity requirements in these shopping centers, Based on conservative cal- culations, this meant a reduction of around 25,800 tonnes in car- bon dioxide emissions, which equates to the annual CO2 emissions of around 1,170 two-person households. The use of heat exchangers and energy-saving light bulbs allows us to further reduce the energy consumption in our shopping centers. In addition, Deutsche EuroShop supports a diverse range of local and regional activities that take place in our shopping centers in the areas of ecology, society and economy. € thousand EPRA NNNAV per share GROUP MANAGEMENT REPORT { 132 } DES ANNUAL REPORT 2012 Environment