Deutsche EuroShop posts continued earnings growth in 1st half of 2013

• Revenue: EUR88.8 million (+14%), EBIT: EUR77.2 million (+15%)
• EBT before measurement: EUR54.6 million (+11%)
• Earnings per share: EUR0.77 (+23%)
• FFO: EUR1.02 per share (+15%)

Hamburg, 14 August 2013 - The shopping center investor Deutsche EuroShop recorded net operating income (NOI) of EUR80.2 million (+16%) in the first half of 2013, on revenues of EUR88.8 million (+14% year on year). EBIT climbed by 15% to EUR77.2 million.

'There are two main reasons behind these increases: firstly, since the beginning of the year the Herold-Center in Norderstedt has contributed to results for the first time. Secondly, we increased our shareholding in the Altmarkt-Galerie in Dresden to 100% at the end of April,' explains CEO Claus-Matthias Böge.

Earnings before taxes and measurement (EBT before measurement) increased from EUR49.0 million to EUR54.6 million (+11%). Consolidated profit improved by 28%, from EUR32.6 million to EUR41.8 million. Accordingly, earnings per share also increased, from EUR0.63 to EUR0.77. EPRA earnings per share, i.e. the result adjusted for valuation effects, rose from EUR0.65 to EUR0.83 per share, which corresponds to an increase of 28%. FFO (funds from operations) improved by 15%, from EUR0.89 to EUR1.02 per share.

On the subject of ongoing portfolio optimisation, Böge says: 'We have sold our 33.3% stake in Galeria Dominikanska in Wroclaw, Poland, and expect the transaction to be closed in the coming weeks.'

The Deutsche EuroShop management team is sticking to its guidance for financial year 2013 and is confident of being able to pay a dividend of at least EUR1.20 per share for the current year.

Full interim report

The full interim report is available as a PDF document and in ePaper format. It can be downloaded from www.deutsche-euroshop.com/ir

Internet broadcast of the teleconference

On Thursday 15 August 2013 at 10 a.m. (CET), Deutsche EuroShop will broadcast its English teleconference as a live webcast on the Internet at www.deutsche-euroshop.com/ir

Deutsche EuroShop - The shopping center company

Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The MDAX-listed company currently has investments in 20 shopping centers in Germany, Austria, Poland and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.

Figures for Deutsche EuroShop (IFRS)

in EUR millions	01.01.-30.06. 2013	01.01.-30.06. 2012	+ / -
Revenue	88.8	77.8	14%
EBIT	77.2	67.0	15%
Net finance costs	-22.6	-18.2	-24%
Measurement gains/losses	-2.5	-1.6	-50%
EBT	52.2	47.2	11%
Consolidated profit	41.8	32.6	28%
FFO per share in EUR	1.02	0.89	15%
EPRA* earnings per share in EUR (undiluted)	0.83	0.65	28%
	30.06.2013	31.12.2012	+ / -
Equity**	1,509.7	1,528.4	-1%
Liabilities	1,833.2	1,630.9	12%
Total assets	3,343.0	3,159.3	6%
Equity ratio (%)**	45.2	48.4
LTV ratio (%)	46	40
Gearing (%)**	121	107
Cash and cash equivalents	85.5	158.2	-46%

* European Public Real Estate Association
** Incl. third-party interests in equity