Deutsche EuroShop | Company Presentation | 03/14
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Deutsche EuroShop | Company Presentation | 03/14 Deutsche EuroShop | Company Presentation | 03/14 Presentation Transcript

  • COMPANY PRESENTATION 03.2014
  • 03.2014 COMPANY PRESENTATION COMPANY Equity Story  Deutsche EuroShop is Germany´s only public company that invests solely in shopping centers.  Shopping centers are attractive investments because of – continuously positive development of rents – stable long term growth – prime locations – high quality standards  Deutsche EuroShop does not seek short-term success, but rather long-term growth and the resulting stable increase in the value of the portfolio. 2
  • 03.2014 COMPANY PRESENTATION COMPANY At a Glance  19 shopping centers on high street and in established locations – 16 in Germany and one each in Austria, Hungary and Poland. Lettable space approx. 928,000 sqm Retail shops approx. 2,350 Market value approx. €3.7 billion Rents per year €240 million1) Occupancy rate avg. lettable space per DES-center: inner city 39,200 sqm est. Locations 102,000 sqm 99%  2012 portfolio valuation: 5.98% net initial yield (EPRA) 1) 100%-view  Professional center management by ECE, the European market leader in this industry 3
  • 03.2014 COMPANY PRESENTATION COMPANY Key Figures REVENUE FFO EBIT €m €m €m +16%1) +17%1) +16%1) 211.2 190.0 115.3 2008 127.6 2009 165.7 144.2 98.1 2010 2011 181.0 2012 2008 110.7 2009 83.1 124.0 48.6 2010 2011 2012 2008 86.4 61.5 54.8 2009 2010 2011 2012 1) NUMBER OF SHARES DIVIDEND PER SHARE NAV PER SHARE2) mn € € +3.4%1) +12%1) 51.63 34.37 2009 53.95 1.10 1.05 34.37 2008 51.63 2010 2011 2012 2008 2009 3) 1.203) 27.43 2010 2011 2012 2008-2012, Compound Annual Growth Rate (CAGR) since 2010: EPRA NAV paid on 21 June 2013 +1.0%1) 1.10 1.05 2) 2008 27.64 26.63 2009 2010 28.53 26.37 2011 2012 4
  • 03.2014 COMPANY PRESENTATION COMPANY Lease System 5 rent Participation in sales growth of retail industry 4 turnover-linked rent 3 2 1 CPI-linked minimum rent 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 years Lease standards:  10 years lease only  no break-up option  turnover-linked rents  minimum rents are CPI-linked 5
  • 03.2014 COMPANY PRESENTATION COMPANY Lease System  avg. rent per sqm and year: €250  avg. turnover per sqm and year in DES shopping centers: €4,7001) (avg. German retail: €3,470, avg. German shopping centers: €4,090)  Rent-to-sales-ratio: 7-11%  weighted maturity of rental contracts: 7.0 years1) LIKE-FOR-LIKE REVENUE 4% 1) Status: 31 December 2012 3% 2% 1% 0% 2005 2006 2007 2008 2009 2010 2011 2012 German inflation avg. 1.7% DES´like-for-like revenue avg. 2.2% 6
  • 03.2014 COMPANY PRESENTATION COMPANY Targets  Long term net asset value enhancement  Main focus on NAV and dividend  “buy & hold”-strategy, Continuous growth  Stable and attractive dividends Dividend yield: currently 3.8%  Investment-focus: At least 75% Germany and up to 25% Europe  Portfolio extension by 10% per year – by acquisition of new shopping centers – by increasing existing amounts of holdings – by expansion of portfolio centers 7
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Overview Poland Germany Austria Hungary 8
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Germany A10 Center Main-Taunus-Zentrum Altmarkt-Galerie Wildau/Berlin Sulzbach/Frankfurt Dresden 100% 52.0% 100% 118,500 117,900 77,000 4,000 4,500 500 approx. 200 approx. 170 approx. 200 Occupancy rate 100% 100% 93% Catchment area approx. 1.2 m. inhabitants approx. 2.2 m. inhabitants approx. 1.0 m. inhabitants 1996 / 2011 1964 / 2004 / 2011 2002 / 2011 Location Investment Lettable space sqm Parking Number of shops Opening/refurbishm. 9
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Germany Rhein-Neckar-Zentrum Herold-Center Allee-Center Viernheim Norderstedt Magdeburg 100% 100% 50.0% 64,400 55,500 51,300 3,800 850 1,300 approx. 110 approx. 130 approx. 150 Occupancy rate 100% 96% 98% Catchment area approx. 1.2 m. inhabitants approx. 0.5 m. inhabitants approx. 0.7 m. inhabitants 1972 / 2002 1971 / 1995 / 2003 1998 / 2006 Location Investment Lettable space sqm Parking Number of shops Opening/refurbishm. 10
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Germany Billstedt-Center Phoenix-Center Forum Hamburg Hamburg Wetzlar 100% 50.0% 65.0% 42,800 39,200 34,300 1,500 1,600 1,700 approx. 110 approx. 110 approx. 110 Occupancy rate 100% 100% 100% Catchment area approx. 0.7 m. inhabitants approx. 0.6 m. inhabitants approx. 0.5 m. inhabitants 1969 / 1977 / 1996 2004 2005 Location Investment Lettable space sqm Parking Number of shops Opening/refurbishm. 11
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Germany Allee-Center City-Galerie Rathaus-Center Hamm Wolfsburg Dessau 100% 100% 100% 33,900 30,800 30,400 1,250 800 850 approx. 90 approx. 100 approx. 90 Occupancy rate 100% 100% 98% Catchment area approx. 1.0 m. inhabitants approx. 0.5 m. inhabitants approx. 0.6 m. inhabitants 1992 / 2003 / 2009 2001 / 2006 1995 Location Investment Lettable space sqm Parking Number of shops Opening/refurbishm. 12
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Germany City-Arkaden City-Point Stadt-Galerie Wuppertal Kassel Passau 100% 100% 75.0% 28,700 28,300 27,600 650 220 500 approx. 90 approx. 60 approx. 90 Occupancy rate 100% 100% 100% Catchment area approx. 0.7 m. inhabitants approx. 0.8 m. inhabitants approx. 0.7 m. inhabitants 2001 / 2004 2002 / 2009 2008 Location Investment Lettable space sqm Parking Number of shops Opening/refurbishm. 13
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Germany Stadt-Galerie Location Investment Lettable space sqm Parking Number of shops Hameln 100% 26,000 500 approx. 100 Occupancy rate 100% Catchment area approx. 0.4 m. inhabitants Opening/refurbishm. 2008 14
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Europe Galeria Bałtycka Location City Arkaden Árkád Gdansk, Poland Klagenfurt, Austria Pécs, Hungary Investment 74.0% 50.0% 50.0% Lettable space sqm 48,600 36,900 35,300 1.050 880 850 approx. 195 approx. 120 approx. 130 Occupancy rate 100% 100% 93% Catchment area approx. 1.1 m. inhabitants approx. 0.4 m. inhabitants approx. 1.0 m. inhabitants 2007 2006 2004 Parking Number of shops Opening/refurbishm. 15
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Our Tenants1) 1) selection of our well known tenants 16
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Tenants Structure Top 10 Tenants1) Low level of dependence on the top 10 tenants 2012 2011 Metro Group 5.7% 6.0% Douglas Group 4.6% 4.4% H&M 2.9% 2.7% New Yorker 2.2% 2.3% Peek & Cloppenburg 2.1% 1.9% Deichmann 1.9% 1.9% C&A 1.8% 1.7% REWE 1.7% 1.6% Esprit 1.5% 1.4% Inditex Group 1.5% 1.4% 25.9% 25.3% 1) Total in % of total rents as at 31 December 2012 Other tenants Total 74.1% 74.7% 17
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Maturity Distribution of Rental Contracts1) 2013: 2% 2018 et sqq: 63% 2014: 7%  Long-term contracts guarantee rental income  Weighted maturity 7.0 years 2015: 8% 1) in % of rental income as at 31 December 2012 2016: 9% 2017: 11% 18
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTERS Sector and Retailer Mix non-food/ electronics 21% department stores 11% Balanced sector and retailer diversification food 7% fashion 50% health & beauty 6% catering 4% services 1% inter-/national retailers 47% local entrepreneurs 29% regional retail chains 24% 19
  • 03.2014 COMPANY PRESENTATION FINANCIALS Key Figures 9M 2013 01.01.-30.09.2013 01.01.-30.09.2012 Change Revenue 138.2 117.0 18% Net operating income 124.5 104.5 19% EBIT 120.5 101.0 19% Net finance costs € million -20.0 -27.2 19% Valuation result -6.8 -2.7 -148% EBT 93.7 71.0 32% Consolidated profit 77.2 49.9 55% FFO per share 1.58 1.34 18% EPRA Earnings per share 1.25 1.00 25% 30.09.2013 31.12.2012 1,534.6 1,528.4 0% Financial liabilities 1,509.0 1,357.7 11% 269.9 273.2 -1% Total assets 3,313.6 3,159.3 5% Net financial liabilities 1,457,3 1,199.6 21% 46,3% 48.4% 45% 40% incl. non controlling interests Change equity* 1) € million Total Other debt (incl. Deferred taxes) Equity ratio* LTV ratio 20
  • 03.2014 COMPANY PRESENTATION FINANCIALS Valuation* – Investment Properties 2012 Discounted cash-flow method 2012 2011 actual 1) Macro-location 40.0% Competitive environment 12.8% Micro-location 19.2% expected yield of 10-year German federal bonds 4.30% 4.34% average applied risk premiums 2.37% 2.34% average discount rate 6.67% 6.68% Property quality average property operating and management costs Tenants risk 11.00% 6,56 6,54 5,48 5,46 2004 2005 6,44 5,39 2006 8.0% 20.0% 11.80% 5.98% net initial yield (EPRA) % 1.56% 5.92% 6,38 5,40 2007 6,68 5,64 2008 discount rate 6,80 5,82 6,65 6,68 6,67 5,89 5,92 5,98 1) 2009 2010 2011 2012 External appraisers: Feri Research and GfK GeoMarketing 2) Status: 28 February 2014 net initial yield Sensitivity analysis in € thousand Basis change of -25bps change of +25bps Rent increase rates 1.70% -110,200 +113,000 Discount rate 6.67% +101,900 -97,000 Net initial yield 5.98% +146,400 -134,500 11.00% +9,500 -9,500 Cost ratio 21
  • 03.2014 COMPANY PRESENTATION FINANCIALS Loan Structure incl. Convertible Bonds* (€ thousand) Share of total loan avg. interest rate 149.0 10% 1.30% Principle amounts Interest lockin Duration Up to 1 year 1 to 5 years 3.2 301.3 19% 3.62% 5 to 10 years 8.0 1,011.7 65% 3.80% Over 10 years 14.1 93.0 6% 5.06% 7.3 1,555.0 100% 3.92% Total 2012  Banks: 23 German and 1 Austrian  Weighted maturity of fixed interest periods 7.3 years  Weighted maturity of the loans >10 years 6,00 5,50 5,33 5,27 5,03 5,00 4,59 4,50 4,16 4,00 3,50 3,00 % 2008 2009 avg. Interest rates 2010 2011 2012 weighted maturities 3,92 8 7 6 5 4 3 2 1 0 * = as of 30 June 2013 2013* yrs 22
  • 03.2014 COMPANY PRESENTATION FINANCIALS Refinancings of 2013* new Interest rate 210,007 +9,993 1.1yrs +8.9yrs 2.99% Duration +/- 10.0yrs Principle amounts old 220,000 in € thousand 3.88% -89bps Maturities until 2017* in € thousand end of fixed interest periods respectively expiring loans avg. interest rate regular redemption payments total maturities 2013 0 8,500 8,500 2014 0 18,600 18,600 2015 61,900 5.26% 18,200 80,100 2016 77,400 4.92% 16,400 93,800 2017 100,000 1.75% 16,300 * = as of 30 June 2013, excl. credit line 116,300 239,300 23
  • 03.2014 COMPANY PRESENTATION FINANCIALS Forecast REVENUE €m Equity method 144.2 127.6 115.3 +11% 190.0 +13% 186-1891) +32% 175-1781) 162-1651) 157.11) 152-1551) +19% EBIT €m Equity method 124.0 110.7 98.1 +13% 165.7 +12% 132.31) +34% +24% 1) EBT BEFORE VALUATION €m 2) 130-132 63.9 54.9 48.7 +13% 1 +16% +36% 2 3 1.40 94.9 86.6 1.40 +11% 4 +38% 5 6 FFO PER SHARE €m 1.38 +1% 2008 +0% 2009 +15% 2010 +4% 2011 2.06-2.09 1.66 1.61 117-120 3) Equity method Compound Annual Growth Rate (CAGR) 2008-2013 incl. dilution CAGR2): +22% 7 2.03-2.07 +25% 2012 2013 CAGR2)3): +9% 2014 24
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTER SHARES Dividend & Performance Dividend1) Share price2) 1,60 31.64 1,50 23.50 24.30 23.67 1.307) 25,00 1.257) 1.203) 19.26 1,10 1,05 1,10 0,96 30,00 1.357) 24.80 1,30 1,00 35,00 1.407) 1,40 1,20 32.55 28.98 28.08 23.73 31.83 0,96 1,05 1,05 20,00 1,10 1,05 1,00 15,00 10,00 0,90 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1) 2) 3) 4) 5) PERFORMANCE4) 6) 7) DES DAX EPRA5) REX6) OEF8) (2013) +4.5% +25.5% +9.6% -0.5% +1.1% 3 years +23.4% = +7.2% p.a. +11.4% p.a. +8.7% p.a. +4.1% p.a. +1.6% p.a. 5 years +61.4% = +10.0% p.a. +14.7% p.a. +15.5% p.a. +4.2% p.a. +2.3% p.a. Since IPO (2001) +184.1%= +8.4% p.a. +3.1% p.a. +6.8% p.a. +4.9% p.a. +3.7% p.a. respectively paid for the previous financial year 2014: as of 28 February 2014 paid on 21 June 2013 as of 31 December 2013 EPRA/NAREIT Europe German government bonds index probable proposal Open ended real estate funds 1 year 8) 25
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTER SHARES Shareholder Structure1)  9,125 shareholders  Free float 84.1% Private Investors 24.4% US 8% Otto Family 15.9% NL 7% 1) BlackRock 3.0% Hertie Foundation 3.0% Germany 64% Status: 3 February 2014 GB 6% FR 5% BE 4% Institutional Investors 53.7% NO 3% CH 1% Other 2% 26
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTER SHARES Analysts‘ Consensus1) 2013 2014 EBIT (€ million) 171.2 178.4 FFO per share 2.01 2.07 EPS 2.15 2.19 Dividend 1.26 avg. / in € 1.30 Status: 11 Feb. 2014  23 analysts: one of the best covered real estate companies in Europe2) 33.62 Price target Sell Underperform Neutral Outperform  UBS  ABN Amro  Baader Bank  Natixis  Bankhaus Lampe  Oddo  Close Brothers Seydler  Hamburger Sparkasse  J.P. Morgan Cazenove Buy  Berenberg Bank  DZ Bank  HSBC  Green Street Advisors  Kepler Cheuvreux  Commerzbank  Independent Research  Deutsche Bank  Kempen & Co  Equinet  NORD/LB  Metzler 1) aggregated by DES  M.M. Warburg 2) according to Bloomberg as of April 2013  Societe Generale 100% 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 positive neutral negative 27
  • 03.2014 COMPANY PRESENTATION SHOPPING CENTER SHARE 10 Reasons to Invest 1. The only public company in Germany to invest solely in shopping centers 2. Prime locations 3. Proven, conservative strategy 4. Stable cash flow with long term visibility 5. Shareholder-friendly dividend policy 6. Experienced management team 7. Excellent track record 8. Centers almost 100% let 9. Inflation-protected rental agreements 10.Solidity combined with growth potential 28
  • 03.2014 COMPANY PRESENTATION APPENDIX Key Data of the Share Listed since Nominal capital Outstanding shares Class of shares Dividend 2012 (21 June 2013) 02.01.2001 €53,945,536.00 53,945,536 Registered shares €1.20 52W High €34.55 52W Low €29.27 Share price (28 February 2014) €32.55 Market capitalisation avg. turnover per day last 12 months (XETRA) Indices Official market OTC market ISIN Ticker Market maker €1.76 billion 112,300 shares MDAX, EPRA, GPR, MSCI Small Cap, EURO STOXX, STOXX Europe 600 Prime Standard Frankfurt and XETRA Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart DE 000 748 020 4 DEQ, Reuters: DEQGn.DE Close Brothers Seydler 29
  • 03.2014 COMPANY PRESENTATION APPENDIX Key Data of the Convertible Bond 1.75% 2017 Amount Principal amount €100 million €100,000 per Bond Issue date 20 Nov. 2012 Maturity date 20 Nov. 2017 Coupon Price (3 March 2014) Interest payment date Conversion price Dividend protection ISIN Listing 1.75% 109.6% payable semi-annually in arrear on 21 May and 21 November in each year €33.791) Conversion Price adjustment for any dividends paid (full dividend protection) 1) originally €35.10, adjusted on 21 June 2013 DE 000 A1R 0W0 5 Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange 30
  • 03.2014 COMPANY PRESENTATION APPENDIX Retail turnover 9M 2013* % change rent-to-sales ratio in % % of sales % of space Department stores 1.1 5.9 8.3 14.2 Food 0.6 6.9 9.5 6.4 -1.8 11.8 28.6 37.3 0.8 13.5 5.8 6.9 -1.1 8.9 4.1 5.0 3.1 7.1 11.1 6.0 -1.8 9.7 11.7 11.0 Retail sector Fashion textiles Shoes & leather goods Sports Health & Beauty General Retail * German centers on a like-for-like basis -0.1 2.8 12.2 7.6 ** compares to a turnover development of +1.7% of the overall German retail Services 6.5 4.6 4.6 1.6 *** Totals may include differences due to rounding Food catering 0.2 13.0 4.1 4.0 +0.1 8.7 100.0 100.0 Electronics Total***  like-for-like retail turnover development: Germany +0.1%, abroad +2.6% DES-Portfolio overall: +0.4%  absolute retail turnover development: Germany -0.1%**, abroad +3.9% DES-Portfolio overall: +0.4% 31
  • 03.2014 COMPANY PRESENTATION APPENDIX Online vs. stationary retail? Turnover distribution of a fashion retailer £m Pure online purchases Order in shop, dispatch by post Order online, pickup in shop (click & collect) Online search, purchase in shop Source: GfK Pure shop purchases  Stationary retail transforms from „Point of Purchase“ to „Touch Point“ (product experience).  New store concepts (flagship store, show room, multi-channel store, pick-up store), click & collect, augmented reality, online goes offline, mobile services  Location, location, location newly interpreted: convenience, attractivity & likeability 32
  • 03.2014 COMPANY PRESENTATION APPENDIX Our partner: ECE  ECE develops, plans, builds, leases and manages large commercial real estate in the sectors shopping, office, industries since 1965  originally ECE was an abbreviation for the German word Einkaufscenterentwicklung (Shopping center development)  100% privately owned by the Otto family  active in 17 European countries  European market leader in the shopping center business  Assets under management: – 189 shopping centers – 6 million sqm overall sales area – approx.17,500 retail businesses – €21 billion in annual sales MANY INVESTORS RELY ON ECE: 33
  • 03.2014 COMPANY PRESENTATION APPENDIX Environment  Climate protection is one of the most important issues for Deutsche EuroShop. We believe that sustainability and profitability, the shopping experience and environmental awareness are not opposing forces. Long-term thinking is part of our strategy. This includes playing our part in environmental protection.  In 2012, all our German shopping centers had contracts with suppliers that use regenerative energy sources such as hydroelectric power for their electricity needs. The “EnergieVision” organisation certified the green electricity for our centers in Germany with the renowned “ok-power” accreditation in 2012. We plan to switch the centers in other countries to green electricity as well in the next few years.  The German centers used a total of around 69.2 million kWh of green electricity in 2011. This represented 100% of the electricity requirements in these shopping centers. As a result, based on conservative calculations this meant a reduction of around 25,800 tonnes in carbon dioxide emissions – this equates to the annual CO2 emissions of around 1,170 two-person households. We have already reduced the energy consumption of our shopping centers by using heat exchangers and energy-saving light bulbs.  Deutsche EuroShop, through its shopping centers, also supports a range of activities at local and regional level in the areas of ecology, society and economy. 34
  • 03.2014 COMPANY PRESENTATION APPENDIX Financial Calendar 2014 19.03. Roadshow Zurich, Berenberg 12.08. Interim report H1 2014 17.09. Roadshow Luxembourg, Bankhaus Lampe 22.09. Goldman Sachs & Berenberg German Conference, Munich 24.03. Roadshow Paris, Cheuvreux 25.03. Roadshow Brussels, DZ Bank 26.03. Roadshow Munich, Baader Bank 23.09. Baader Investment Conference, Munich 27.03. Bank of America Merrill Lynch Real Estate Conference, London 30.09. Roadshow London, Berenberg 03.04. HSBC Real Estate Conference, Frankfurt 01.10. Societe Generale Real Estate Conference, London 09.04. Roadshow Hamburg, Montega 06.10. ExpoREAL, Munich 25.04. Publication of the Annual Report 2013 13.11. Nine-month report 2014 14.05. Interim report Q1 2014 18.11. Roadshow Amsterdam, Kempen & Co. 15.05. Donner & Reuschel Hamburger Investmentkonferenz, Hamburg 19.11. Roadshow Paris, Deutsche Bank 19.11. Roadshow Zurich, Baader 16.05. Roadshow Dusseldorf/Cologne, DZ Bank 20.05. Roadshow London, MM Warburg 04.-05.06. Kempen European Property Seminar, Amsterdam 11.-13.06. db Access Conference, Berlin 18.06. Annual General Meeting, Hamburg 35
  • 03.2014 COMPANY PRESENTATION 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 Claus-Matthias Böge Chief Executive Officer Olaf G. Borkers Chief Financial Officer This presentation is a FSC certified product. 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. Patrick Kiss Head of Investor & Public Relations 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. Nicolas Lissner Manager Investor & Public Relations 36