Deutsche EuroShop: Preliminary figures for 2013 - consolidated profit up 41% FFO per share up 26% - net asset value at EUR30.59 per share (+7%)

• Revenue: EUR188.0 million, EBIT: EUR165.9 million
• FFO: EUR2.10 per share
• Consolidated profit: EUR173.0 million
• Dividend proposal: EUR1.25 per share
• 6% growth in revenue and EBIT anticipated for 2014

Hamburg, 20 March 2014 - Shopping center investor Deutsche EuroShop announced the preliminary figures for the 2013 financial year in Hamburg today. The Company can look back on another successful financial year. Revenue and profit were increased significantly.

Consolidated revenue was up 5.5%, from EUR178.2 million to EUR188.0 million, in the financial year. The Herold-Center Norderstedt, which was acquired on 1 January 2013, and the Altmarkt-Galerie Dresden, which has been fully consolidated since 1 May 2013, contributed significantly to this revenue growth. Rental income from portfolio properties increased by 1.4% compared with the previous year.

Net finance costs dropped noticeably by EUR28.0 million to EUR34.1 million (2012: EUR62.1 million). This is attributable to the proceeds from the sale of Deutsche EuroShop's stake in the Galeria Dominikanska, the positive contribution to earnings of investments accounted for using the equity method and the interest rate swap expenses. Measurement gains improved to EUR56.3 million, EUR42.4 million higher than the previous year (EUR13.9 million). The value of Group properties increased by 2.1% on average. Net asset value (EPRA NAV) as at 31 December 2013 was EUR1,650.4 million (+7%), or EUR30.59 per share.

Earnings before interest and taxes (EBIT) climbed 9%, from EUR151.6 million to EUR165.4 million, in the year under review. At EUR187.6 million, pre-tax profit (EBT) was 81% up on the previous year (EUR103.4 million). Taxes on income and earnings amounted to EUR14.6 million compared to tax income of EUR19.1 million in 2012.

Consolidated profit rose by 41% from EUR122.5 million to EUR173.0 million. Earnings per share amounted to EUR3.21 compared with EUR2.36 in the previous year. Of this amount, EUR1.76 (2012: EUR1.36) was attributable to operations (EPRA earnings) and EUR0.89 (2012: EUR0.05) to measurement gains. Moreover, one-off effects, such as the sale of shares, led to earnings per share of EUR0.56 (2012: EUR0.95). Deutsche EuroShop succeeded in boosting funds from operations (FFO) per share by 26% to EUR2.10.

The Executive Board and Supervisory Board will therefore propose to the shareholders at the Annual General Meeting in Hamburg on 18 June 2014 that a dividend of EUR1.25 per share, 4% or EUR0.05 higher than the previous year, be distributed for the successful 2013 financial year.

Outlook

Deutsche EuroShop expects sales in the 2014 financial year to increase by six percent to EUR198-201 million, in large part due to the contribution of the 100% stake in the Altmarkt-Galerie, which will be included in the full-year results for the first time.

The Company forecasts that earnings before interest and taxes (EBIT) will rise to EUR174-177 million (+6%) in 2014. Earnings before taxes and measurement gains/losses (EBT before measurement) should rise similarly to EUR120-123 million (+7%). Funds from operations (FFO) of between EUR2.14 and EUR2.18 per share are anticipated (+3%).

Within the scope of its approved dividend policy, the Executive Board of Deutsche EuroShop plans to propose a higher dividend of EUR1.30 per share for 2014. The Company intends to raise the dividend by EUR0.05 per share in each of the financial years until 2016.

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Friday, 21 March 2014, at 10:00 a.m. CET live on the Internet. The webcast can be accessed at the Company's website at
http://www.deutsche-euroshop.com/ir

Deutsche EuroShop - The Shopping Center Company

Deutsche EuroShop is Germany's only public company, that invests solely in shopping centers in prime locations. The MDAX-listed Company currently has equity interests in 19 European shopping centers in Germany, Austria, Hungary and Poland. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.

Key Data of Deutsche EuroShop (IFRS)

in EUR million	2013	2012	+/-
Revenue	188.0	178.2	+6%
EBIT	165.9	151.6	+9%
Net finance costs	-34.1	-62.1	-45%
Measurement gains/losses	56.3	13.9	+304%
EBT	187.6	103.4	+81%
Consolidated profit	173.0	122.5	+41%
FFO per share (EUR)	2.10	1.66	+26%
EPRA* earnings per share (EUR)	1.76	1.36	+29%
Equity**	1,642.4	1,606.1	+2%
Liabilities	1,752.5	1,741.5	+1%
Total assets	3,394.9	3,347.6	+1%
Equity ratio (%)**	48.4	48.0
LTV-ratio (%)	43	41
Gearing (%)**	107	108
Cash and cash equivalents	40.8	161.0	-75%
Net asset value (EPRA)	1,650.4	1,538.9	+7%
Net asset value per share (EUR, EPRA)	30.59	28.53	+7%
Number of shares (year-end)	53,945,536	53,945,536	0%
Weighted average number of shares	53,945,536	51,934,893	+4%

* European Public Real Estate Association
** incl. non controlling interest