Deutsche EuroShop AG — Call Transcript 2014

Aug 13, 2014

H1 2014

CONFERENCE CALL

H1 2014 Results

13.08.2014

SHOPPING CENTERS

Retail turnover H1 2014*

Retail sector	% change	rent-to-sales ratio in %	% of sales	% of space
Department stores	-2.2	5.9	7.5	13.0
Food	-1.3	7.4	9.0	6.1
Fashion textiles	-0.4	12.0	29.9	38.8
Shoes & leather goods	2.3	13.5	5.8	6.6
Sports	3.5	8.6	4.3	4.9
Health & Beauty	-0.0	7.3	11.5	6.2
General Retail	-3.6	10.3	11.6	11.1
Electronics	-3.3	3.0	11.6	7.5
Services	-1.7	4.8	4.5	1.6
Food catering	-1.9	13.6	4.3	4.2
Total***	-1.1	9.0	100.0	100.0

• like-for-like retail turnover development: Germany -1.1%, abroad -0.4% DES-Portfolio overall: -1.0%

• absolute retail turnover development: Germany -0.1%**, abroad 0.6% DES-Portfolio overall: 0.0%

• * German centers on a like-for-like basis

• ** compares to a turnover development of +2.1% of the overall German retail
• *** Totals may include differences due to rounding

Balance Sheet H1 2014

in € thousand	30.06.2014	31.12.2013	Change
Non-current assets	3,306,434	3,339,165	-32,731
Current assets	78,261	55,698	22,563
Total assets	3,384,695	3,394,863	-10,168
Group equity	1,400,031	1,428,949	-28,918
Non controlling interest	213,282	213,422	-140
Total equity	1,613,313	1,642,371	-29,058
Financial liabilities	1,498,038	1,486,759	11,279
Deferred tax liabilities	204,401	198,491	5,910
Other liabilities	68,943	67,242	1,701
Total equity and liabilities	3,384,695	3,394,863	-10,168
	30.06.2014	31.12.2013
Equity ratio*	47.7%	48.4%

LTV ratio 43% 43%

^* incl. non controlling interests

Profit and Loss Account H1 2014

in € thousand	01.01.- 30.06.2014	01.01 .- 30.06.2013	Change
Revenue	99,704	88,844	12%
Property operating and management costs	-9,155	-8,662
Net operating income	90,549	80,182	13%
Other operating income	693	561
Corporate costs	-2,913	-3,541
EBIT	88,329	77,202	14%
Interest income	195	233
Interest expense	-29,385	-27,414
Other financial expenses	-1,009	-5,139
At equity result	10,393	12,428
Profit/loss attributable to limited partners	-8,209	-7,818
Net finance costs	-28,015	-27,710	-1%
Measurement gains/losses	-2,882	-3,065
EBT	57,432	46,427	24%
Taxes	-11,087	-8,734
Consolidated profit	46,345	37,693	23%

Key Figures H1 2014
in € thousand	01.01.- 30.06.2014	01.01.- 30.06.2013
FFO per share (€)	1.09	0.94
Earnings per share (€, undiluted)	0.86	0.70
EPRA Earnings per share (€)	0.91	0.76

* incl. non controlling interests

Loan Structure1) incl. Convertible Bonds

Interest lockin	Duration	Principle amounts (€ thousand)	Share of total loan	avg. interest rate
Up to 1 year		103.9	7%	1.29%
1 to 5 years	2.9	374.8	25%	3.85%
5 to 10 years	7.4	924.6	62%	3.71%
Over 10 years	13.2	91.0	6%	5.07%
Total 2014	6.5	1,494.3	100%	3.89%

• Weighted maturity of fixed interest periods 6.5 years
• Weighted maturity of the loans >10 years

EBT EXCLUDING VALUATION3)

• 1) Compound Annual Growth Rate
• (CAGR) 2009-2015 2) incl. dilution

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3) excl. capital gain

	APPENDIX

Key Data of the Share

Listed since	02.01.2001
Nominal capital	€53,945,536.00
Outstanding shares	53,945,536
Class of shares	Registered shares
Dividend 2013 (19 June 2014)	€1.25
52W High	€37.90
52W Low	€30.23
Share price (11 August 2014)	€35.44
Market capitalisation	€1.91 billion
avg. turnover per day last 12 months (XETRA)	109,550 shares
Indices	MDAX, EPRA, GPR, MSCI Small Cap, EURO STOXX, STOXX Europe 600
Official market	Prime Standard Frankfurt and XETRA
OTC market	Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart
ISIN	DE 000 748 020 4
Ticker	DEQ, Reuters: DEQGn.DE
Market maker	Close Brothers Seydler

Financial Calendar

12.08.	Interim report H1 2014
11.09.	ESN European Conference, Frankfurt
17.09.	Roadshow Luxembourg, Bankhaus Lampe
22.09.	Goldman Sachs & Berenberg German Conference, Munich
23.09.	Baader Investment Conference, Munich
30.09	Roadshow London, Berenberg
01.10.	Societe Generale Real Estate Conference, London

06.10.	ExpoREAL, Munich
13.11.	Nine-month report 2014
17.11,	Roadshow Paris, Deutsche Bank
18.11.	Roadshow Amsterdam, Kempen & Co.
19.11.	Roadshow Zurich, Baader
27.11.	Roadshow Dusseldorf/Cologne, DZ Bank
01.-02.12.	Berenberg European Conference, Pennyhill

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Contact

Deutsche EuroShop AG Investor & Public Relations Heegbarg 36 22391 Hamburg

Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 - 29 E-Mail: ir@deutsche-euroshop.com Web: www.deutsche-euroshop.com

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facebook.com/euroshop

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twitter.com/des_ag

youtube.com/DeutscheEuroShop

Important Notice: Forward-Looking Statements

Statements in this presentation relating to future status or circumstances, including statements regarding management's plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances and do not necessarily predict future results.

Many factors could cause the actual results to be materiallydifferent from those that may be expressed or implied bysuch statements.

Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any obligation to do so.

Olaf Borkers Chief Financial Officer

Claus-Matthias Böge Chief Executive Officer

Patrick Kiss Head of Investor & Public Relations

Manager Investor & Public Relations