Deutsche EuroShop: Forecast increased following positive nine-month result

- Revenue: EUR138.2 million (+18 %), EBIT: EUR120.5 million (+19 %)

- EBT: EUR93.7 million (+31 %)

- Consolidated profit: EUR77.2 million (+55 %)

- FFO: EUR1.58 per share (+17 %)

- Increase in EBT and FFO forecast

Hamburg, 13 November 2013 - Based on the results for the first nine months, Deutsche EuroShop has raised its forecast for the year as a whole. The shopping center investor recorded net operating income of EUR124.5 million (+19 %) and a 19 % increase in EBIT (EUR120.5 million) on revenues of EUR138.2 million (+18 % year-on-year).

These increases can be attributed to two main reasons: firstly, the Herold-Center contributed to the results for the first time. Its contribution applies since the start of the year. Secondly, Deutsche EuroShop increased its shareholding in the Altmarkt-Galerie Dresden to 100% at the end of April.

'We completed the sale of our 33% stake in the Galeria Dominikanska in Wroclaw, Poland, at the end of August. That enabled us to further optimise our portfolio and generate income in the amount of EUR15.7 million,' explained Claus-Matthias Böge, Executive Board Spokesman.

Earnings before taxes (EBT) climbed 31 %, from EUR71.0 million to EUR93.7 million. Funds from operations (FFO), which do not include proceeds from the sale, rose by 17 % from EUR1.35 to EUR1.58 per share - in absolute terms, the FFO exceeded the figure for the same period of the previous year by 22 %. Consolidated profit increased by 55 % from EUR49.9 million to EUR77.2 million and earnings per share were up from EUR0.96 to EUR1.43.

The special effect that arose from the sale of the investment enabled forecasts for both earnings before taxes without measurement gains/losses and funds from operations to be increased. For financial year 2013, Deutsche EuroShop now expects

- revenue of between EUR186 million and EUR189 million and

- earnings before interest and taxes (EBIT) of between EUR162 million and EUR165 million

- earnings before taxes (EBT) without measurement gains/losses of between EUR130 million and EUR132 million (previously: between EUR113 and EUR116 million) and

- funds from operations (FFO) per share of between EUR2.06 and EUR2.09 (previously: between EUR1.99 and EUR2.03).

On the subject of a potential dividend increase, Böge explained, 'We will examine the possibility of increasing the dividend, most recently at EUR1.20 per share, so that our shareholders can share in Deutsche EuroShop's upward business trend.'

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 14 November 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 19 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.-30.09. 2013	01.01.-30.09. 2012	+ / -
Revenue	138.2	117.0	18 %
EBIT	120.5	101.0	19 %
Net finance costs	-20.0	-27.2	26 %
Measurement gains/losses	-6.8	-2.7	-147 %
EBT	93.7	71.0	32 %
Consolidated profit	77.2	49.9	55 %
FFO per share in EUR	1.58	1.34	18 %
EPRA* earnings per share in EUR (undiluted)	1.25	1.00	25 %
	30.09.2013	31.12.2012	+ / -
Equity**	1,534.6	1,528.4	0 %
Liabilities	1,778.9	1,630.9	9 %
Total assets	3,313.6	3,159.3	5 %
Equity ratio (%)**	46.3	48.4
LTV ratio (%)	45	40
Gearing (%)**	116	107
Cash and cash equivalents	51.7	158.2	-67 %

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