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DES GB2013 E

THE RESTRUCTURING OF THE GROUP WAS A MAJOR FOCUS IN FINANCIAL YEAR 2012. WERE YOU ABLE TO FOCUS MORE ON DEUTSCHE EUROSHOP’S ACTUAL BUSINESS AGAIN IN 2013? CLAUS-MATTHIAS BÖGE: Yes, we were. The optimisation of the Group structure has been largely completed. I certainly do find shopping centers more interesting than taxes – and a lot more fun. OLAF BORKERS: But we will always keep the tax issue in the back of our minds in everything we do. CLAUS-MATTHIAS BÖGE: In fact, I need to qualify my first statement, because another issue caused us some concern in the second half of the year, and only a short time ago: the new Kapitalanlagegesetzbuch (KAGB – German Capital Investment Code), which entered into force on 22 July 2013. ? The KAGB constitutes extensive regulation of investment managers and their invest- ment funds, and it affects self-managed investment funds as well as external man- agers of investment funds. In principle, the regulations can also impact structures like Deutsche EuroShop: companies that acquire and hold real estate. However, our structure as a holding compa- ny, our activities and the strategy we have pursued to date mean that the KAGB should not apply to Deutsche EuroShop, which was confirmed in writing by the Federal Finan- cial Supervisory Authority at the end of March this year. LET’S TURN TO ISSUES THAT WE ALL ENJOY TALKING ABOUT: SHOPPING CENTERS AND LEASING. HOW HAS OPERATING BUSINESS PERFORMED? OLAF BORKERS: Like clockwork. We are very pleased. To be more specific, we budg- eted sales of €186 million to €189 million and we hit €188.0 million exactly, which represented an increase of over 5%. We an- ticipated earnings before interest and taxes (EBIT) of between €162 million and €165 million; at €165.8 million, they were actually slightly above the forecast range and rose by over 9% year on year. We allowed for earnings before taxes (EBT) without measurement gains/losses of between €113 million and €116 million. At €129.2 million, they were also significant- ly above the forecast range and 41% higher year on year, thanks to a gain on disposal. ? P In this Executive Board interview, Claus-Matthias Böge and Olaf Borkers explain the highlights of financial year 2013, which included not only the pleasing operating profit but also the newly introduced Kapitalanlage- gesetzbuch (KAGB – German Capital Investment Code), changes in the portfolio, the flood disaster at the start of June, measurement gains, the dividend policy and plans for further growth. Interview: Nicolas Lissner, photos: Christian Schmid DEUTSCHEEUROSHOPANNUALREPORT2013 09009

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