Deutsche EuroShop: nine-month result underlines reliability of business model

• Revenue: EUR149.7 million (+8 %), EBIT: EUR132.3 million (+10 %)
• EBT before measurement and sales revenue: EUR90.9 million (+12 %)
• Consolidated profit: EUR69.5 million (adjusted: +14 %)
• FFO: EUR1.63 per share (+10 %)

Hamburg, 13 November 2014 - The Hamburg-based shopping center investor Deutsche EuroShop's result for the first nine months of 2014 confirms its forecast for the year as a whole.

With revenue of EUR149.7 million (+8 %, previous year: EUR138.2 million) and improved net operating income (NOI) of EUR136.0 million (+9%, EUR124.5 million), not least thanks to a further reduction in the cost ratio, the company achieved EBIT of EUR132.3 million (+10%, EUR120.5 million).

"These increases can largely be attributed to the Altmarkt-Galerie Dresden, which has been fully consolidated since 1 May 2013. However, the operational business is also running smoothly, with like-for-like rental income rising by 2.2%," said Executive Board Spokesman Claus-Matthias Böge with satisfaction.

The consolidated profit, adjusted for the sale of the stake in the Galeria Dominikanska in Wroclaw, Poland, in the third quarter of the previous year, has risen by 14 %. The consolidated profit after nine months of EUR69.5 million corresponds to EUR1.29 per share. EPRA earnings per share also rose 14%, from EUR1.19 per share to EUR1.36. Funds from operations (FFO) improved by 10% from EUR1.48 to EUR1.64 per share.

Claus-Matthias Böge commented: "Our business model has demonstrated continued stability. Low outstanding rents and continued low write-downs of rent receivables also reinforce our confidence that we have a well-diversified and resilient mix of some 2,350 rental partners. This is also borne out by our retail occupancy rate of close to 100%."

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 is still holding out the prospect of an increase in dividend of five cents and hence of 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 for analysts in English at 10 a.m. on Friday 14 November 2014, which will be carried as a live webcast on 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 m	01.01.-30.09. 2014	01.01.-30.09. 2013	+ / -
Revenue	149.7	138.2	8 %
EBIT	132.3	120.5	10 %
Financial result	-41.7	-25.1	-66 %
Valuation gains/losses	-4.4	-7.4	-40 %
EBT	86.2	88.1	-2 %
Consolidated profit	69.5	73.2	-5 %
FFO per share (EUR)	1.64	1.48	10 %
Earnings per share (undiluted)	1.29	1.36	-5 %
	30.09.2014	31.12.2013	+ / -
Equity*	1,634.6	1,642.4	0 %
Liabilities	1,745.6	1,752.5	0 %
Total assets	3,380.2	3,394.9	0 %
Equity ratio (%)*	48.4	48.4
LTV ratio (%)	42	43
Gearing (%)*	107	107
Cash and cash equivalents	63.6	40.8	56 %

* incl. third-party interests in equity