Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2017

16 NOVEMBER 2017
CONFERENCE CALL
QUARTERLY STATEMENT 9M 2017

RETAIL TURNOVER 9M 20171
2
1 German centers on a like-for-like basis
(turnover: €2.2 billion)
2 The sum may not equal the totals due
to rounding
Retail sector
% change
to 2016
rent-to-sales
ratio in %
% of
sales
% of
space
Department stores -0.5 6.2 7.4 13.1
Food -0.4 7.6 8.7 6.2
Fashion textiles +0.7 11.9 29.8 39.6
Shoes & leather goods +0.9 14.4 5.4 6.5
Sports -2.3 9.6 3.9 5.0
Health & beauty -1.0 7.2 11.8 6.0
General retail -1.6 10.6 8.2 8.9
Electronics +6.3 3.8 15.2 8.5
Services +4.0 4.9 4.9 1.8
Food catering +2.6 12.5 4.8 4.3
Total +1.0 8.9 1002
1002
 Retail turnover development on a like-for-like basis: Germany +1.0% , abroad +5.4%
DES-Portfolio overall: +1.8%
 Absolute turnover development: Germany +1.5%, abroad +5.8%
DES-Portfolio overall: +2.3%
16 November 2017
Conference Call – Quarterly Statement 9M 2017
SHOPPING CENTERS

PROFIT AND LOSS ACCOUNT 9M 2017
1 incl. at equity
FINANCIALSin € thousand 01.01. – 30.09.2017 01.01 – 30.09.2016 Change
Revenue 160,964 152,254 5.7%
Property operating and management costs -16,607 -16,210
Net operating income 144,357 136,044 6.1%
Other operating income 629 619
Other operating expenses -4,742 -5,193
EBIT 140,244 131,470 6.7%
Other financial income and expenses 2,300 1,797
Interest expense -40,324 -40,038
At equity result 22,764 17,253
Profit/loss attributable to limited partners -14,007 -13,406
Net finance costs -29,267 -34,394 14.9%
EBT 110,977 97,076 14.3%
Measurement gains/losses1
-4,225 -7,015
Taxes -4,093 -3,906
Deferred Taxes1
-17,410 -13,983
Consolidated profit 85,249 72,172 18.1%
316 November 2017

KEY FIGURES 9M 2017
FINANCIALS30.09.2017 30.09.2016 Change
FFO per Share (€) 1.88 1.74 8.0%
Earnings per share (€, undiluted) 1.49 1.34 11.2%
EPRA Earnings per share (€, undiluted) 1.79 1.66 7.8%
416 November 2017

FUNDS FROM OPERATIONS (FFO)
1 The sum of the amounts may not equal
the totals due to rounding
² Including the share attributable to
equity-accounted joint ventures and
associates
³ Taking into account the fact that the
convertible bond was nearly fully
converted at the end of its term in
November 2017
FINANCIALSin € thousand 30.09.2017 per share1 30.09.2016 per share1
Consolidated net profit 85,249 €1.49 72,172 €1.34
+ Measurement gains/losses
investment properties²
4,225 €0.07 7,015 €0.13
+ Bond conversion expense 725 €0.01 725 €0.01
+ Deferred taxes² 17,410 €0.31 13,983 €0.26
FFO (undiluted) 107,609 €1.88 93,895 €1.74
FFO (after conversion)³ 107,609 €1.85
Weighted number of no-par value
shares issued
57,367,321 53,945,536
shares issued (after conversion)³
58,248,007
516 November 2017

EARNINGS PER SHARE (EPRA)
1 The sum of the earnings per share
amounts may not equal the totals due
to rounding
² Including the share attributable to
equity-accounted joint ventures and
associates
³ These concern deferred taxes on
investment properties and derivative
financial instruments
4 Taking into account the fact that the
convertible bond was nearly fully
converted at the end of its term in
November 2017
in € thousand 30.09.2017 per share1 30.09.2016 per share1
Consolidated net profit 85,249 €1.49 72,127 €1.34
investment properties²
4,225 €0.07 7,015 €0.13
derivative financial instruments²
-2,630 -€0.05 -1,746 -€0.03
+ Acquisition costs 276 €0.00 379 €0.01
+ Deferred taxes related to EPRA
adjustments²,³
15,885 €0.28 11,352 €0.21
EPRA Earnings 103,005 €1.79 89,172 €1.66
Expense for convertible bond 1,318 1,757
EPRA Earnings (diluted) 104,323 €1.72 90,929 €1.59
shares issued
57,376,321 53,945,536
shares issued (diluted)4
60,621,062 57,211,375
FINANCIALS
616 November 2017

BALANCE SHEET 9M 2017
1 incl. non controlling interests
FINANCIALSin € thousand 30.09.2017 31.12.2016 Change
Non-current assets 4,470,023 4,036,533 433,490
Current assets 93,489 77,924 15,565
Total assets 4,563,512 4,114,457 449,055
Group equity 2,096,821 1,916,148 180,673
Right to redeem of limited partners 325,311 324,559 752
Total equity 2,422,132 2,240,707 181,425
Financial liabilities 1,646,705 1,445,581 201,124
Deferred tax liabilities 431,168 359,365 71,803
Other liabilities 63,507 68,804 -5,297
Total equity and liabilities 4,563,512 4,114,457 449,055
30.09.2017 31.12.2016
Equity ratio1 53.1% 54.5%
LTV ratio 35.5% 34.2%
716 November 2017

LOAN STRUCTURE INCL. CONVERTIBLE BONDS1,2
1 as of 30 September 2017
2 excl. non-consolidated loans
FINANCIALS
Interest lockin Duration
Principle amounts
(€ million)
Share of
total loan
avg.
interest rate
Up to 1 year 96.1 5.9% 1.87%
1 to 5 years 3.3 513.9 31.4% 4.26%
5 to 10 years 6.7 706.5 43.1% 2.75%
Over 10 years 10.3 322.1 19.6% 2.45%
Total1 5.3 1,638.6 100% 2.90%
3.88
3.76 3.69 3.67
2.90
0
1
2
3
4
5
6
7
8
2.50
3.00
3.50
4.00
2013 2014 2015 2016 2017
avg. interest rates weighted maturities
yrs%
 21 German and
4 foreign bank
partners
 Weighted maturity
of fixed interest
periods 5.3 years1
816 November 2017
1

in € million
end of fixed interest periods
respectively expiring loans
avg. interest
rate
regular
redemption
payments
total
maturities
2017 91.2 1.75% 4.9 96.1
2018 148.3 2.49% 22.3 170.6
2019 123.1 4.73% 19.9 143.0
2020 134.1 4.52% 19.5 153.6
2021 198.3 4.48% 16.0 214.3
2022 217.8 3.26% 16.5 234.3
912.8
Convertible Bond3
in € million
End of fixed interest
periods respectively
expiring loans
Avg. interest
rate
DES‘
share
2017-2019 0
2020 35.0 4.00% 50%
2021 48.6 4.65% 50%
2022 12.1 4.90% 50%
MATURITIES UNTIL 20221,2
1 as of 30 September 2017
2 excl. non-consolidated loans
3 99.5% conversion as of
6 November 2017
FINANCIALS
916 November 2017
Non-consolidated loans1
Phoenix-Center Hamburg
Saarpark-Center Neunkirchen
Saarpark-Center Neunkirchen
Already fixed:
Allee-Center Hamm:
€4.9m, 1.68%, 6y
Altmarkt-Galerie Dresden:
€71.6m, 1.63%, 10y
City-Arkaden Wuppertal
€12.2m, 1.91%, 7.3y
Galeria Baltycka Gdansk:
€81.0m, 2.03%, 10y

REVENUE BRIDGE 9M 2017
FINANCIALS€m
152.3 -1.3 = -0.9%
+10.0 161.0
9M 2016 Olympia Center, Brno Standing assets 9M 2017
1016 November 2017

NET FINANCE COST BRIDGE 9M 2017
1 Olympia Center, Brno
² Saarpark-Center, Neunkirchen
FINANCIALS€m
-36.6 +0.5
-30.0
+1.5 -1.7
9M 2016
Interest
expense
(without
OCB )
Interest
OCB
Other
financial
income
Minority
profitshare
at-equity
(without
SPN )
at-equity
(SPN ) 9M 2017
2.3
1116 November 2017
-38.6
-0.6
-14.0-1.7
+3.1
1 2 2
3.818.2
+3.8
1

EBT BRIDGE 9M 2017
² Saarpark-Center, Neunkirchen
3 Without valuation result and swaps
€m
90.1
+1.7 = +1.9%
+0.9
106.6
+2.8
+7.4
9M 2016 Valuation
result
Swaps OCB SPN Other 9M 2017
FINANCIALS
1216 November 2017
+3.7
1, 3 2, 3

PROFIT BRIDGE 9M 2017
2 Saarpark-Center, Neunkirchen
3 without valuation result and swaps
€m FINANCIALS
72.2
+6.3
+0.7
85.2
+2.1
+2.4
9M 2016 Valuation
result
Swaps OCB SPN Other 9M 20171, 3
1316 November 2017
+1.5 = +2.3%
2, 3

FORECAST
FINANCIALS
16 November 2017 14
1 Compound Annual Growth Rate
(CAGR) 2014 - 2018
2 weighted, taking into account the fact
that the convertible bond was nearly
fully converted at the end of its term in
November 2017
FFO
€m
120.5 123.4
129.9
140-
143
145-
148
2014 2015 2016 2017 2018
+5.0%1
NUMBER OF SHARES2
mn
53.95 53.95 53.95
58.25
61.78
2014 2015 2016 2017 2018
+3.4%1
FFO PER SHARE
€
2.23
2.29
2.41
2.42-
2.46 2.35-
2.39
2014 2015 2016 2017 2018
+1.5%1
EBT EXCL. VALUATION
€m
125.0 127.0
134.5
145-
148
154-
157
2014 2015 2016 2017 2018
+5.6%1
REVENUE
€m
200.8 202.9
205.1
216-
220
220-
224
2014 2015 2016 2017 2018
+6% +2%
+2.5%1
EBIT
€m
177.5 176.3
178.6
187-
191
193-
197
2014 2015 2016 2017 2018
+2.4%1
+6% +3% +7% +7%
+9% +6% +9% +4%
+1% -3%

STATUS QUO AND VIEW AHEAD
1516 November 2017
in divide to €r share for FY 2016
 business model proves stability: guidance confirmed
 increase in dividend to €1.45 per share for FY 2017
 further optimization and reduction of financing costs ahead
 conversion of €100 million convertible bond improves balance sheet further
 €45 million1 of investments in the portfolio in SERVICE and AMBIENCE in the next years
 DGNB: 20 centers in our portfolio were awarded with sustainability certificates: 7 x platinum, 13 x gold
 investment market remains active
 impact of the current sentiment in the retail real estate segment to be observed
 DES is very selectively analyzing sales offers as they come to the market
 any transaction would be financed only with additional debt
1 100%-view
COMPANY

SUCCESS FACTORS OF A MODERN SHOPPING CENTER
1616 November 2017
SHOPPING CENTERS
Food Courts and
popular tenants
Location
Convenience
Ambience
Digitalization
Logistics
Tenant Mix
Asset
Management
More than 170 million
customers per year
Click & Collect, Digital Mall
Center Apps, Future Lab
ECE, a leading center
manager in Europe
At Your Service
program started
Mall Beautification
program started

THE CUSTOMER JOURNEY IN OUR SHOPPING CENTERS
Source: ECE
November 2017
Company Presentation
17
 „Love2shop“ app
 center website
 social media
 „Easy to Park“ card
 QR code car finder
 3D wayfinding systems
 indoor navigation
 InfoGate
 gift-wrapping and
packaging services
 personal shopper
 guest card
 cell phone charging stations
 quiet zones/lounge areas
 Selfie photo boxes
 free Wi-Fi
 same day delivery service
 prepaid parking cards
SHOPPING CENTERS

INVESTMENTS: AT YOUR SERVICE
1816 November 2017
SHOPPING CENTERS

INVESTMENTS: MALL BEAUTIFICATION & CONVENIENCE
1916 November 2017
SHOPPING CENTERS
Design study

INVESTMENTS: MALL BEAUTIFICATION & CONVENIENCE
Design study
2016 November 2017
SHOPPING CENTERS

INVESTMENTS: AT YOUR SERVICE & ENTERTAINMENT
2116 November 2017
SHOPPING CENTERS
Design study

INVESTMENTS: MALL BEAUTIFICATION
2216 November 2017
SHOPPING CENTERS
Design study

0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2.20
2.40
2.60
40%
50%
60%
70%
80%
90%
100%
2014 2015 2016 2017* 2018*
Remainder
Capex
Principal payments
Dividend
Payout ratio
INVESTMENTS: CAPEX COVERED BY FFO
* Forecast
Dividend per share: proposal
** expected: €27.5 million per year on avg.
2316 November 2017
2.23
Payout
ratio
in %
FFO per
share
in €
2.29
2.41
2.42-
2.46 2.35-
2.39
**
€25-30 million per year on avg.
€23-25 million per year on avg.
Expected for 2018-2022:
FINANCIALS
€0.05 increase per year
(guidance until 2018)

KEY DATA OF THE SHARE
APPENDIX
Listed since 02.01.2001
Nominal capital €61,783,594.00
Outstanding shares 61,783,594
Class of shares Registered shares
Dividend 2016 (paid on 3 July 2017) €1.40
52W High €39.47
52W Low €30.29
Share price (14 Nov. 2017) €31.22
Market capitalisation €1.93 billion
Avg. turnover per day last 12 months (XETRA) 197,300 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 Oddo Seydler
16 November 2017
24

FINANCIAL CALENDAR
APPENDIX
2516 November 2017
2017
15.11. Quarterly Statement 9M 2017
16.11. Natixis European Mid Caps Conferece, Paris
17.11. Roadshow Brussels, Kempen & Co
21.11. DZ Bank Equity Conf.erence, Frankfurt
05.12. Berenberg European Conference, Pennyhill
11.-12.12. HSBC Global RE Conference, Cape Town
18.12.-19.12. Roadshow Abu Dhabi & Dubai, Berenberg
11.-12.01. Oddo MidCap Forum, Lyon
16.01. Kepler Cheuvreux GCC, Frankfurt
20.03. Preliminary Results 2017
27.04. Publication of the Annual Report 2017
28.06. Annual General Meeting, Hamburg
14.08. Half-year Financial Report 2018
2018

CONTACT
Important Notice: Forward-Looking
Statements
Statements in this presentation relating to
future status or circumstances, including state-
ments regarding management’s plans and ob-
jectives for future operations, sales and earn-
ings figures, are forward-looking statements of
goals and expectations based on estimates, as-
sumptions and the anticipated effects of future
events on current and developing circumstan-
ces and do not necessarily predict future re-
sults.
Many factors could cause the actual results to
be materially different from those that may be
expressed or implied by such statements.
Deutsche EuroShop does not intend to update
these forward-looking statements and does not
assume any obligation to do so.
APPENDIX
2616 November 2017
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
PATRICK
KISS
Head of IR
NICOLAS
LISSNER
IRO
WILHELM
WELLNER
CEO
OLAF
BORKERS
CFO

Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2017

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Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2017