Deutsche EuroShop: Start to the new financial year according to plan

• Revenue: EUR50.6 million (+1%), EBIT: EUR44.6 million (+1%)
• Consolidated profit: EUR25.3 million (+12 %)
• EPRA earnings per share: EUR0.48 per share (+9%)
• FFO: EUR0.57 per share (+4%)
• Forecasts for 2015 confirmed

Hamburg, 12 May 2015 - The shopping center investor Deutsche EuroShop has published its interim report for the first quarter of 2015 and confirmed the full-year forecasts issued on 19 March.

Revenue in the first three months of 2015 totalled EUR50.6 million, representing a small year-on-year rise of 1% (from EUR50.0 million). Correspondingly, net operating income (NOI) climbed 1% to EUR46.1 million, while EBIT also rose 1% to EUR44.6 million.

Earnings before taxes and measurement gains/losses increased from EUR30.4 million to EUR31.8 million (+5%). Consolidated profit improved by 12%, from EUR22.6 million to EUR25.3 million. Claus-Matthias Böge, CEO of Deutsche EuroShop, declared: "The main factors behind the improved consolidated profit were a reduction in interest expense, improved measurement gains and lower taxes."

Correspondingly, earnings per share were also 12% higher, climbing from EUR0.42 to EUR0.47. Earnings per share calculated on an EPRA basis rose 9%, from EUR0.44 to EUR0.48. Funds from operations (FFO) improved by 4% from EUR0.55 to EUR0.57 per share.

Deutsche EuroShop is standing by its recent forecasts for financial year 2015, and expects:

• revenue of between EUR201 million and EUR204 million
• earnings before interest and taxes (EBIT) of between EUR177 million and EUR180 million
• earnings before taxes (EBT) excluding measurement gains/losses of between EUR126 million and EUR129 million
• funds from operations (FFO) per share of between EUR2.24 and EUR2.28

The company envisages paying a dividend of EUR1.35 per share for 2015.

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 13 May 2015 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. 2015	01.01.-31.03. 2014	+ / -
Revenue	50.6	50	1%
EBIT	44.6	44.2	1%
Net finance costs	-12.9	-13.8	7%
Valuation gains/losses	-0.5	-1.1	57%
EBT	31.3	29.3	7%
Consolidated profit	25.3	22.6	12%
EPRA* Earnings per share in EUR	0.48	0.44	9%
FFO per share (EUR)	0.57	0.55	4%
	31.03.2015	31.12.2014	+ / -
Equity**	1.774.5	1.751.2	1%
Liabilities	1.739.8	1.741.0	0%
Total assets	3.514.2	3.492.2	1%
Equity ratio (%)**	50.5	50.1
LTV ratio (%)	39	40
Gearing (%)**	98	99
Cash and cash equivalents	80.8	58.3	39%

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