Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014

• First three months of the year on track
• Full consolidation of the Altmarkt-Galerie Dresden
• Consolidated profit: EUR22.6 million (+12%)
• FFO: EUR0.55 per share (+10%)

Hamburg, 14 May 2014 - The shopping center investor Deutsche EuroShop has published its interim report for the first quarter of 2014, reinforcing the full-year forecasts issued on 21 March with a strong set of results.

Revenue in the first three months of 2014 totalled EUR50.0 million, representing an 18% rise year-on-year (from EUR42.4 million). Correspondingly, net operating income (NOI) climbed 18% to EUR45.6 million, while EBIT rose nearly 19% to EUR44.2 million.

"The main factor behind these significant increases is the full consolidation of the Altmarkt-Galerie Dresden. This center will contribute to results over the whole of 2014, whereas in 2013 it was consolidated only from May onwards, when we increased our shareholding to 100%," explains Claus-Matthias Böge, CEO of Deutsche EuroShop.

Earnings before taxes and measurement gains/losses increased from EUR27.9 million to EUR30.4 million (+9%). Consolidated profit improved by 12%, from EUR20.1 million to EUR22.6 million, taking earnings per share from EUR0.37 to EUR0.42. FFO (funds from operations) improved by 10%, from EUR0.50 to EUR0.55 per share.

Deutsche EuroShop is standing by its recent forecasts for financial year 2014, and expects:

• revenue of between EUR198 million and EUR201 million
• earnings before interest and taxes (EBIT) of between EUR174 million and EUR177 million
• earnings before taxes (EBT) excluding measurement gains/losses of between EUR120 million and EUR123 million
• funds from operations (FFO) per share of between EUR2.14 and EUR2.18

The company envisages paying a dividend of EUR1.30 per share for 2014.

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
Deutsche EuroShop will hold a conference call in English as a live webcast at 11 a.m. (CET) on Thursday 15 May 2014 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.

Figures for Deutsche EuroShop (IFRS)

in EUR million	01.01.-31.03. 2014	01.01.-31.03. 2013	+ / -
Revenue	50.0	42.4	18%
EBIT	44.2	37.3	19%
Net finance costs	-13.8	-10.1	-37%
Valuation gains/losses	-1.1	-1.4	-25%
EBT	29.3	25.8	14%
Consolidated profit	22.6	20.1	12%
FFO per share (EUR)	0.55	0.50	10%
EPRA* earnings per share in EUR	0.44	0.40	10%
	31.03.2014	31.12.2013	+ / -
Equity**	1,662.1	1,642.4	1%
Liabilities	1,712.4	1,752.5	-2%
Total assets	3,374.5	3,394.9	-1%
Equity ratio (%)**	49.3	48.4
LTV ratio (%)	42	43
Gearing (%)**	103	107
Cash and cash equivalents	59.0	40.8	45%

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