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DES GB2015 Englisch

in € thousand 31.12.2015 31.12.2014 EPRA NAV 2,110,606 1,789,389 Negative swap values -42,600 -48,194 Negative present value of bank loans and overdrafts -92,254 -114,837 Total deferred taxes -282,034 -194,385 EPRA NNNAV 1,693,718 1,431,973 EPRA NNNAV PER SHARE 31.40€ 26.54€ Overall comment by the Executive Board on the economic situation The past financial year confirmed that Deutsche EuroShop Group has a successful business model. We met our forecasts for financial year 2015. Report on events after the balance sheet date No further significant events occurred between the balance sheet date and the date of preparation of the consolidated financial statements. Outlook In 2016, positive stimuli for German economic growth are again ex- pected to come from real increases in employee income, the posi- tive environment for consumption and exports, which currently remain strong. Despite persistent economic imbalances within the eurozone, the economic review produced by the federal government predicts a positive scenario for Germany in 2016. Gross domestic product (GDP) is forecast to grow by 1.7%. Unemployment is set to remain around the current level of 6.4%, while inflation should be low. The German Retail Federation (HDE) predicts that retail sales will advance by 2.0%, with online sales the biggest growth driver. The positive, robust state of the economy in our core market of Germa- ny contrasts sharply with the structural economic problems in some individual eurozone member states. The Greek debt crisis, which has not been eradicated by the support measures put in place by the inter- national financial institutions, and the necessary fundamental reforms in the affected European economies will continue to occupy us in 2016 and beyond. The refugee crisis is another new drag, with unclear po- litical and economic implications for the EU and for Germany in par- ticular. In our estimate, the risk to the overall economy remains high. In light of these financial and economic challenges, there is an in- tensifying global need for capital investments that retain their value, particularly in financially solid countries such as Germany. The long- lasting low interest rate phase also means that the likes of life in- surance companies and similar pension institutions in Germany and beyond are still seeking real estate investment opportunities that will meet the long-term return expectations of policyholders. This is keep- ing demand for real estate at record levels, considering that the supply side is limited. Retail property remains attractive to many institutional investors, leading to very high transaction prices and correspondingly low anticipated yields for high-quality properties. We monitor devel- opments on the real estate market closely. As in the past, we will only make new investments if the return that is achievable over the long term bears a reasonable relation to the investment risks. STABLE OUTLOOK FOR OUR SHOPPING CENTERS IN AN INCREASINGLY COMPETITIVE ENVIRONMENT We expect the positive trend for our shopping centers to continue. The occupancy rate across our portfolio as a whole is currently expected to remain around 99%. At the end of 2015, the occupancy rate for all types of space was 99.0%, on a par with 2014 (98.9%). The remaining vacancies consisted largely of office and storage space. The occupancy rate for retail space stood steady at 99.6% (2014: 99.5%). Outstanding rents and necessary valuation allowances remain at a low level. We currently see no indications of a significant change in this satisfactory situation. Agreed transactions are the foundation for revenue and earnings planning The Deutsche EuroShop Group’s revenue and earnings planning for 2016 and 2017 does not include the future purchase or sale of any properties. The results of the annual valuation of our shopping centers and exchange rate factors are not included in our planning since they are not foreseeable. MANAGEMENT REPORT 127 EPRA NAV 2,110,6061,789,389 EPRA NNNAV 1,693,7181,431,973

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