Deutsche EuroShop AG — Call Transcript 2014

May 15, 2014

CONFERENCE CALL

Q1 2014 Results

15.05.2014

SHOPPING CENTERS

Retail turnover Q1 2014*

		rent-to-sales	% of	% of
Retail sector	% change	ratio in %	sales	space
Department stores	-3.6	6.1	8.2	14.1
Food	-4.5	7.4	9.1	6.3
Fashion textiles	-0.8	12.2	29.1	37.5
Shoes & leather goods	11.5	12.2	6.5	6.7
Sports	5.3	8.3	4.4	4.9
Health & Beauty	-2.0	7.4	11.3	6.1
General Retail	-9.2	10.9	11.0	11.0
Electronics	-5.2	3.1	11.3	7.5
Services	-0.9	4.7	4.5	1.6
Food catering	-1.8	13.4	4.4	4.2
Total***	-2.3	9.1	100.0	100.0

• like-for-like retail turnover development: Germany -2.3%, abroad -1.1% DES-Portfolio overall: -2.1%

• absolute retail turnover development: Germany -1.1%**, abroad -0.3%** DES-Portfolio overall: -1.0%

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

• ** compares to a turnover development of +1.2% of the overall German retail
• *** Totals may include differences due to rounding

Key Figures Q1 2014

€ million	01.01.-31.03.2014	01.01.-31.03.2013	Change
Revenue	50.0	42.2	18%
Net operating income	45.6	38.6	18%
EBIT	44.2	37.3	19%
Net finance costs	-13.8	-10.1	-37%
Valuation result	-1.1	-1.4	-25%
EBT	29.3	25.8	14%
Consolidated profit	22.6	20.1	12%
FFO per share (€)	0.55	0.50	10%
Earnings per share (€, undiluted)	0.42	0.37	14%
€ million	31.03.2014	31.12.2013	Change
Total equity*	1,662.1	1,642.4	1%
Financial liabilities	1,443.6	1,486.8	-3%
Other debt (incl. Deferred taxes)	268.8	265.7	1%
Total assets	3,374.5	3,394.9	-1%
Net financial liabilities	1,384.6	1,445.9	-4%
Equity ratio*	49.3%	48.4%
LTV ratio	42%	43%

* incl. non controlling interests

Balance Sheet Q1 2014

in € thousand	31.03.2014	31.12.2013	Change
Non-current assets	3,306,973	3,339,165	-32,192
Current assets	67,518	55,698	11,820
Total assets	3,374,491	3,394,863	-20,372
Group equity	1,448,010	1,428,949	19,061
Non controlling interest	214,066	213,422	644
Total equity	1,662,076	1,642,371	19,705
Financial liabilities	1,443,571	1,486,759	-43,188
Deferred tax liabilities	202,705	198,491	4,214
Other liabilities	66,139	67,242	-1,103
Total equity and liabilities	3,374,491	3,394,863	-20,372

in € thousand	01.01 – 31.03.2014	01.01 – 31.03.2013	Change
Revenue	50,002	42,407	18%
Property operating and management costs	-4,367	-3,805
Net operating income	45,635	38,602	18%
Other operating income	55	477
Corporate costs	-1,494	-1,823
EBIT	44,196	37,256	19%
Interest income	42	104
Interest expense	-14,612	-13,353
Other financial expenses	-532	0
At equity result	5,327	7,098
Profit/loss attributable to limited partners	-4,055	-3,919
Net finance costs	-13,830	-10,070	37%
Measurement gains/losses	-1,054	-1,397
EBT	29,312	25,789	14%
Taxes	-6,721	-5,673
Consolidated profit	22,591	20,116	12%

Loan Structure1) incl. Convertible Bonds

Interest lockin	Duration	Principle amounts (€ thousand)	Share of total loan	avg. interest rate
Up to 1 year		49.2	4%	2.03%
1 to 5 years	3.2	374.8	26%	3.87%
5 to 10 years	7.6	924.3	64%	3.72%
Over 10 years	13.4	91.0	6%	5.07%
Total 2013	6.8	1,439.3	100%	3.90%

• Weighted maturity of fixed interest periods 6.8 years

• Weighted maturity of the loans >10 years

• 1) Equity method

• 2) Compound Annual Growth Rate (CAGR) 2009-2015
• 3) incl. dilution
• 4) 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 (proposal, 19 June 2014)	€1.25
52W High	€36.10
52W Low	€29.27
Share price (13 May 2014)	€36.00
Market capitalisation	€1.94 billion
avg. turnover per day last 12 months (XETRA)	112,300 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

APPENDIX

Financial Calendar

2014

	14.05.	Interim report Q1 2014	22.09.	Goldman Sachs & Berenberg German
	15.05.	Donner & Reuschel Hamburger Investmentkonferenz, Hamburg	23.09.	Conference, Munich Baader Investment Conference, Munich
	20.05.	Roadshow London, MM Warburg	30.09.	Roadshow London, Berenberg
	05.06.	Kempen European Property Seminar, Amsterdam	01.10.	Societe Generale Real Estate Conference, London
	11.-13.06.	db Access Conference, Berlin	06.10.	ExpoREAL, Munich
	18.06.	Annual General Meeting, Hamburg	13.11.	Nine-month report 2014
		Close Brothers Seydler Bank Small & Mid Cap	17.11,	Roadshow Paris, Deutsche Bank
	27.06.	Conference, Paris	18.11.	Roadshow Amsterdam, Kempen & Co.
	12.08.	Interim report H1 2014	19.11.	Roadshow Zurich, Baader
	11.09.	ESN European Conference, Frankfurt
	17.09.	Roadshow Luxembourg, Bankhaus Lampe	27.11. 01.-02.12.	Roadshow Düsseldorf/Köln, DZ Bank Berenberg European Conference, Pennyhill

APPENDIX

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

ir-mall.com

facebook.com/euroshop

flickr.com/desag

• slideshare.net/desag
• 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 G. Borkers Chief Financial Officer

Patrick Kiss Head of Investor & Public Relations

Nicolas Lissner Manager Investor & Public Relations

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