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09/11feelestate.de




TRENDS IN FINANCING
Presentation on 16 September 2011
Company   Swap-Rate Euro 10 Years / vdp1-Curve (Mortgage Pfandbrief2)




          With the vdp curve (mortgage bond), the mortgage banks provide more transparency regarding
          their loan terms to its real estate clients: with the daily fixing of the vdp-curve (mortgage bond)
          the real estate clients get an overview of the funding conditions of the mortgage banks in the
          capital market for mortgages eligible as cover.



                                           1   Verband deutscher Pfandbriefbanken / 2 German mortgage-backed bond


                                                              Trends in Financing                                   page 2
Company   Negotiated New and Follow-on Financings
                                                Remaining
                                     Interest      time to                       Interest
          Date     Banks     Loan        rate     maturity   Banks      Loan         rate    Maturity
          Aug 09       1    50,200    6.01%             0        1   132,200         4.75%        10
                       1    82,000    5.92%            4.3
          Jan 10                                                     125,000         4.65%        10
          Jan 11       1    85,100    5.65%             3        1    31,800         4.18%        10
                                                                 1    20,000         4.18%        10
                                                                 1    10,000         4.18%        10
                                                                 1    19,200         4.38%         9
          Jun 11       1    58,700    4.98%             2        1    37,400         4.70%        10             Renewed since
                                                                                                                   August 2009:
                       1    17,000    4.84%             2             37,400         4.60%        10
                                                                                                                 46% of all loans
          Jun 11       1    34,160    5.71%             1        1    34,160         4.63%        10
                       1    21,997    5.37%             1        1    21,997         4.70%        10
          Aug 11       1    50,000    5.53%           2.75       1    50,000         2.63%      2.75
          Aug 11                                                      25,000         3.79%        8.3
          Aug 11                                                 1    41,000         2.63%         2
          Aug 11                                                 1    80,000         4.07%        10
          Sep 11       1    56,000    5.45%             3             20,000         3.50%        10
                       1    56,500    5.55%             3        1    20,000         3.50%        10
                                                                 1    20,000         3.50%        10
                                                                      20,000         3.50%        10
                                                                                                        not finalised yet
                                                                 1    15,000         3.50%        10
                                                                 1    14,000         3.50%        10
                                                                        3,600        3.50%        10
          Dez 11                                                      20,000         2.50%         2


          Total       10   511,657    5.57%            2.5      15   797,757         4.14%        8.8




                                                               Trends in Financing                                          page 3
Company   Before Maturity Loan Renewals

             DES achieved before maturity renewals of loans and new
              loans with a total volume of approx. €685 million with
              the banks in the period August 2009/2011.
             €112 million to be finalised in 2011.
             The vast majority of these new contracts were agreed in
              2011 and thus DES benefited from the low interest rates.
             No further follow-on financings until 2013.




                                            Trends in Financing          page 4
Company   Condition Details

             LTV: DES’ SPVs have a LTV of around 50%. This enables
              DES to achieve very attractive conditions for mortgage loans
              eligible for cover stocks (Pfandbrief).
             Margins: The differences in the market are huge within a
              corridor of 60bps for the same loan.
             Liquidity costs vary significantly from bank to bank.
             Result: Gross margins vary even more. Therefore it doesn’t
              make too much sense to speak about average margins.
             DES is very satisfied with the agreed margins.




                                            Trends in Financing              page 5
Company   Current credit market situation

             Some banks are still preoccupied with themselves and
              do not offer attractive financing conditions.
             Others do offer advantageous loans - even with amounts of
              over €100 million.
             Strong competition between banks for mortgage loans
              eligible for cover stocks (LTV around 50%).
             But: in the recent weeks we heard of banks that no longer
              trust each other so that lending becomes more difficult.
             Increasing margins for mortgage loans not eligible for cover
              stocks.
             Maybe first signs of a second financial crisis.




                                            Trends in Financing              page 6
Company   Important to note

             Maturities: A fixed-interest period of 10 years is standard
              for DES. If DES publishes average maturities only the
              fixed-interest periods are meant.
             There’s a enormous difference between net and gross
              (Net margin + cost of liquidity) margins.
             Which reference is used to calculate the margin?
              vdp or Swap ? At least a difference of 30bps.
              Example:
              vdp  (10 years, as of 12.09.2011) 2.81%
              Swap (10 years, as of 12.09.2011) 2.45%

             An isolated statement about a margin is not helpful.




                                               Trends in Financing          page 7
Company   Loan Structure*

                                     Principle amounts                Share of                    avg.                      Banks:
                                                                                                                    18 German and
          Interest lockin   Duration       (€ thousand)              total loan           interest rate                  1 Austrian

          Up to 1 year              1.0              141,109             10.4%                    2.82%
                                                                                                                  Weighted maturity
                                                                                                            of fixed interest periods
          1 to 5 years              3.4              431,337             31.7%                    5.42%                     6.6 years

          5 to 10 years             7.4              503,884             37.0%                    4.96%          Weighted maturity
                                                                                                                      of the loans
          Over 10 years            12.5              284,209             20.9%                    4.70%                 >15 years

          Total 2011*               6.6             1,360,539            100%                     4.83%

          6,00
          6.00                                                                              8
                                                                                            7
          5.50    5.50
          5,50              5.36          5.33                                              6
                                                     5.27
                                                                                            5              Status as of
                                                                 5.03                                    30 June 2011:
          5.00
          5,00                                                                              4
                                                                                                      4.83% / 6.6 years
                                                                                   4.67     3
          4.50
          4,50                                                                              2
                                                                                            1
          4.00
          4,00                                                                              0
                 2006       2007          2008       2009        2010          2011**       yrs

                              avg. interest rates       weighted maturities
                                                                                                     *as of 30 June 2011
                                                                                     ** possible scenario for end of 2011


                                                             Trends in Financing                                              page 8
Company   Contact
          Deutsche EuroShop AG
          Investor & Public Relations
          Oderfelder Straße 23
          20149 Hamburg
          Tel. +49 (40) 41 35 79 - 20 / -22
          Fax +49 (40) 41 35 79 - 29                                                           Claus-Matthias Böge
          E-Mail: ir@deutsche-euroshop.com                                                     Chief Executive Officer
          Web: www.deutsche-euroshop.com


               deutsche-euroshop.com/IRmall
               facebook.com/euroshop
               flickr.com/desag
               slideshare.net/desag                                                            Olaf G. Borkers
               twitter.com/des_ag                                                              Chief Financial Officer
               youtube.com/DeutscheEuroShop


          Important Notice: Forward-Looking Statements
          Statements in this presentation relating to future status or
          circumstances, including statements regarding manage-
          ment’s plans and objectives for future operations, sales
          and earnings figures, are forward-looking statements of
          goals and expectations based on estimates, assumptions                               Patrick Kiss
                                                                                               Head of Investor & Public Relations
          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 materially
          different from those that may be expressed or implied by
          such statements.

          Deutsche EuroShop does not intend to update these
                                                                                               Nicolas Lissner
          forward-looking statements and does not assume any
                                                                                               Manager Investor & Public Relations
          obligation to do so.




                                                                         Trends in Financing                                         page 9

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Deutsche EuroShop: Trends in Financing

  • 2. Company Swap-Rate Euro 10 Years / vdp1-Curve (Mortgage Pfandbrief2) With the vdp curve (mortgage bond), the mortgage banks provide more transparency regarding their loan terms to its real estate clients: with the daily fixing of the vdp-curve (mortgage bond) the real estate clients get an overview of the funding conditions of the mortgage banks in the capital market for mortgages eligible as cover. 1 Verband deutscher Pfandbriefbanken / 2 German mortgage-backed bond Trends in Financing page 2
  • 3. Company Negotiated New and Follow-on Financings Remaining Interest time to Interest Date Banks Loan rate maturity Banks Loan rate Maturity Aug 09 1 50,200 6.01% 0 1 132,200 4.75% 10 1 82,000 5.92% 4.3 Jan 10 125,000 4.65% 10 Jan 11 1 85,100 5.65% 3 1 31,800 4.18% 10 1 20,000 4.18% 10 1 10,000 4.18% 10 1 19,200 4.38% 9 Jun 11 1 58,700 4.98% 2 1 37,400 4.70% 10 Renewed since August 2009: 1 17,000 4.84% 2 37,400 4.60% 10 46% of all loans Jun 11 1 34,160 5.71% 1 1 34,160 4.63% 10 1 21,997 5.37% 1 1 21,997 4.70% 10 Aug 11 1 50,000 5.53% 2.75 1 50,000 2.63% 2.75 Aug 11 25,000 3.79% 8.3 Aug 11 1 41,000 2.63% 2 Aug 11 1 80,000 4.07% 10 Sep 11 1 56,000 5.45% 3 20,000 3.50% 10 1 56,500 5.55% 3 1 20,000 3.50% 10 1 20,000 3.50% 10 20,000 3.50% 10 not finalised yet 1 15,000 3.50% 10 1 14,000 3.50% 10 3,600 3.50% 10 Dez 11 20,000 2.50% 2 Total 10 511,657 5.57% 2.5 15 797,757 4.14% 8.8 Trends in Financing page 3
  • 4. Company Before Maturity Loan Renewals  DES achieved before maturity renewals of loans and new loans with a total volume of approx. €685 million with the banks in the period August 2009/2011.  €112 million to be finalised in 2011.  The vast majority of these new contracts were agreed in 2011 and thus DES benefited from the low interest rates.  No further follow-on financings until 2013. Trends in Financing page 4
  • 5. Company Condition Details  LTV: DES’ SPVs have a LTV of around 50%. This enables DES to achieve very attractive conditions for mortgage loans eligible for cover stocks (Pfandbrief).  Margins: The differences in the market are huge within a corridor of 60bps for the same loan.  Liquidity costs vary significantly from bank to bank.  Result: Gross margins vary even more. Therefore it doesn’t make too much sense to speak about average margins.  DES is very satisfied with the agreed margins. Trends in Financing page 5
  • 6. Company Current credit market situation  Some banks are still preoccupied with themselves and do not offer attractive financing conditions.  Others do offer advantageous loans - even with amounts of over €100 million.  Strong competition between banks for mortgage loans eligible for cover stocks (LTV around 50%).  But: in the recent weeks we heard of banks that no longer trust each other so that lending becomes more difficult.  Increasing margins for mortgage loans not eligible for cover stocks.  Maybe first signs of a second financial crisis. Trends in Financing page 6
  • 7. Company Important to note  Maturities: A fixed-interest period of 10 years is standard for DES. If DES publishes average maturities only the fixed-interest periods are meant.  There’s a enormous difference between net and gross (Net margin + cost of liquidity) margins.  Which reference is used to calculate the margin? vdp or Swap ? At least a difference of 30bps. Example: vdp (10 years, as of 12.09.2011) 2.81% Swap (10 years, as of 12.09.2011) 2.45%  An isolated statement about a margin is not helpful. Trends in Financing page 7
  • 8. Company Loan Structure* Principle amounts Share of avg. Banks: 18 German and Interest lockin Duration (€ thousand) total loan interest rate 1 Austrian Up to 1 year 1.0 141,109 10.4% 2.82% Weighted maturity of fixed interest periods 1 to 5 years 3.4 431,337 31.7% 5.42% 6.6 years 5 to 10 years 7.4 503,884 37.0% 4.96% Weighted maturity of the loans Over 10 years 12.5 284,209 20.9% 4.70% >15 years Total 2011* 6.6 1,360,539 100% 4.83% 6,00 6.00 8 7 5.50 5.50 5,50 5.36 5.33 6 5.27 5 Status as of 5.03 30 June 2011: 5.00 5,00 4 4.83% / 6.6 years 4.67 3 4.50 4,50 2 1 4.00 4,00 0 2006 2007 2008 2009 2010 2011** yrs avg. interest rates weighted maturities *as of 30 June 2011 ** possible scenario for end of 2011 Trends in Financing page 8
  • 9. Company Contact Deutsche EuroShop AG Investor & Public Relations Oderfelder Straße 23 20149 Hamburg Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 - 29 Claus-Matthias Böge E-Mail: ir@deutsche-euroshop.com Chief Executive Officer Web: www.deutsche-euroshop.com deutsche-euroshop.com/IRmall facebook.com/euroshop flickr.com/desag slideshare.net/desag Olaf G. Borkers twitter.com/des_ag Chief Financial Officer youtube.com/DeutscheEuroShop Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, including statements regarding manage- ment’s plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions Patrick Kiss Head of Investor & Public Relations 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 materially different from those that may be expressed or implied by such statements. Deutsche EuroShop does not intend to update these Nicolas Lissner forward-looking statements and does not assume any Manager Investor & Public Relations obligation to do so. Trends in Financing page 9