Additions to the H1 2011 conference call

Patrick Kiss Events Investor Relations Financials

We want to provide you with answers to questions which came up after the call:

  • We left our guidance for 2011 and 2012 unchanged so far, even if we agree, that there’s a high probability to reach the upper end of the range.

  • Our guidance already includes the decreased interest costs we achieved in 2011 (average interest rate came down from 5.03% to 4.83%). When we prepared the guidance we included assumptions which were fulfilled at the end.

  • Average interest rate might come down further 10bps until the end of 2011.

  • A potential acquisition of the German shopping center (for which we have exclusivity) would be realised without an immediate need for fresh money. A major 2nd investment – if possible – would require a capital increase.

  • Department stores suffered in H1 2011 mainly due to special situations which are temporary. For example in two centers the tenants currently set up a new store concepts, so the turnover decrease is explainable by the restructuring.

  • The calculative NAV per share on 30 June 2011 was €25.86.

The replay of the conference call is available as webcast and as mp3-download (3.0 MB).

And for the first time we offer a transcript of the call. We would be interested in your opinion, if this is helpful for you.


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