DES Q1 e 2013

Interim Report Q1 2013 DES Interim Report Q1 2013 { 5 } Report on Events after the Balance Sheet Date With effect from 1 May 2013, Deutsche EuroShop AG acquired a 33 % stake in the Altmarkt-Galerie Dresden, thus taking its share- holding to 100 % for this shopping center. No further significant events occurred between the balance sheet date of 31 March 2013 and the date of preparation of the financial statements. Risk Report There have been no significant changes since the beginning of the financial year with regard to the risks associated with future business development. We do not believe the Company faces any risks capable of jeopardising its continued existence. The information provided in the risk report of the consolidated financial statements as at 31 Decem- ber 2012 is therefore still applicable. Report on Opportunities and Outlook Economic conditions The German Bundesbank and the federal government expect Ger- many’s gross domestic product (GDP) to rise by 0.4 % or 0.5 % in 2013. The five economic experts lowered their growth forecasts from 0.8 % to 0.3 % in March. Positive stimuli are expected to come from private consumer spending, in particular, which will probably con- tinue its robust development in light of the sustained positive situa- tion on the job market. Experts anticipate that the number of unemployed could rise slightly by 50,000 to 2.949 million, which would correspond to an unem- ployment rate of 6.9 % (2012: 6.8 %).According to the opinion of the Experts’ Council, the inflation rate is likely to settle at 1.7 % this year after averaging 2.0 % in 2012. In light of this, we expect Deutsche EuroShop’s business to once again perform positively and according to plan this year. Expected Results of Operations and Financial Position Forecast adjusted following acquisition Following the acquisition of shares in the Altmarkt-Galerie in Dresden, we are now adjusting the forecast for financial year 2013, published in March, and now anticipate: ¤¤ revenue of between € 186 million and € 189 million (previously: € 170 – € 173 million) ¤¤ earnings before interest and taxes (EBIT) of between€ 162 million and € 165 million (previously: € 148 – € 151 million) ¤¤ earnings before taxes (EBT) without measurement gains / losses of between € 113 million and € 116 million (previously: € 112 – € 115 million) and ¤¤ funds from operations (FFO) per share unchanged at between € 1.99 and € 2.03. Dividend policy We intend to maintain our long-term dividend policy geared towards continuity. We therefore aim to distribute a dividend of at least € 1.20 per share to our shareholders again in financial year 2013.

DES Q1 e 2013

Pages